Crypto Market Liquidations Reach $830 Million, When Will It Stop Bleeding?
November 09 2022 - 8:10AM
NEWSBTC
Crypto liquidations across the market have ramped up in the last 24
hours. Digital assets in the space suffered declines in the last
day, which has led to hundreds of millions of dollars being wiped
from traders. These liquidations span the entire crypto market with
hundreds of thousands of traders getting caught in one of the worst
liquidation events of 2022. $830 Million Shaved Off Crypto Market
In the space of 24 hours, there have been more than $830 million in
liquidations recorded across the crypto market. It marks the
second-largest liquidation event recorded so far in 2022, only
coming out slightly under the October liquidation numbers. Related
Reading: Bitcoin’s Decline Below $20,000 Proves The Bottom Is Not
In Naturally, given that the price of digital assets across the
space has been in decline, long traders have suffered the worst of
the liquidations. Over 70% of the liquidation numbers have come
from long traders. More than 33% of these volumes were recorded on
the Binance crypto exchange with FTX following closely behind at
21.77%. Liquidations cross $830 million | Source: Coinglass A total
of 392,043 traders have been liquidated in the one-day period with
the largest single liquidation order taking place on the Binance
exchange. The trade was placed on the BTCUSDT pair on the exchange
and was worth $6.70 million. Total market cap falls to $832 billion
| Source: Crypto Total Market Cap on TradingView.com Loss Leaders
In 24 Hours In any liquidation event, digital assets such as
Bitcoin and Ethereum always lead the pack. However, the decline of
the FTX crypto exchange has brought about some strong contenders
during this time. The crypto exchange which recorded the
second-largest liquidation volumes saw its native token FTT suffer
significant losses. Related Reading: Institutional Outflows From
Bitcoin Paints Bearish Picture For Crypto Market Over the 24-hour
period, there have been 5.75 million FTT tokens liquidated worth
$26.6 million. This makes it the token with the fourth-largest
liquidation volumes, coming right behind Solana (SOL) which FTX
also had exposure. 3.26 million SOL worth $53.66 million had
already been liquidated at the time of this publication. Even with
almost $1 billion in liquidations already, there doesn’t seem to be
an end to the bloodbath just yet. Bitcoin has once again fallen to
the $17,000 level, still holding above the previous cycle low of
$17,600, but with no support building up. Any wild movements
similar to what was experienced on Tuesday could easily bring the
liquidation figures up to $1 billion. Featured image from
Bitcoinist, chart from TradingView.com Follow Best Owie on Twitter
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