According to Phoenix Group, over 68,000 traders have been liquidated on cryptocurrency markets in the last 24 hours. The total value of liquidations reached staggering amounts, with Bitcoin (BTC) and Ethereum (ETH) as the most impacted assets. BTC comprised the highest value in liquidation with about $55.33 million or 794.66 BTC, followed by ETH with $30.82 million or 12.31K ETH. Such liquidation growth is due to high leverage and volatility in the crypto markets.
LIQUIDATION DATA IN 24 HOURS
TOTAL LIQUIDATIONS: UP TO $199.43M
TOP 5 COINS WITH HIGHEST LIQUIDATION:
$BTC ~ $55.33M $ETH ~… pic.twitter.com/7DiZbCC8B9— PHOENIX – Crypto News & Analytics (@pnxgrp) November 2, 2024
Binance Leads in Exchange Liquidations
The exchange with the highest liquidated volume was Binance, which liquidated $87.91 million. This was closely followed by OKX at $59.48 million, Bybit at $38.08 million, and HTX at $10.01 million. Thus, a high level of liquidation to Binance is due to Binance’s position as one of the largest exchanges for trading cryptocurrencies, and it is frequently used by leveraged traders, many of whom got auto-liquidated during this period.
Top Assets Hit Hard Beyond BTC and ETH
Despite Bitcoin and Ethereum being the most liquidated, other large cryptocurrencies were also affected significantly. Solana (SOL) liquidated $12.43 million, whereas Dogecoin (DOGE) liquidated $10.54 million. SUI and Rare were also impacted because they faced liquidation of $6.8M and $4.2M, respectively. These liquidations demonstrate that the recent global fluctuations extend well beyond the leading market participants.
Largest Single Liquidation Order
The highest single liquidation occurred on OKX, where a BTC/USDT pair was liquidated at $55.02M. This large liquidation demonstrates the dangers of leveraging large positions, particularly during volatile markets. However, the liquidation data indicated a relatively equal distribution between short and long exchange positions.These huge liquidations spread across significant exchanges and assets underline the speculative character of the crypto markets. BTC and ETH continue to experience the highest effect despite today’s decline in recovery compared with other coins, and Binance is the exchange market leader in liquidation. These events are a reminder always to be cautious when trading high-leverage cryptocurrencies and other such assets.
Read the full article here
