The cryptocurrency market took a hit today as its capitalization lost around $150 billion in the past few hours. This also saw a little over $900 million worth of long and short positions liquidated.
- As we reported earlier today, bitcoin’s price tumbled below $60K and tested the support found at $58.3K.
- This sent the entire market downwards as almost all cryptocurrencies saw double-digit declines with the exception of a few.
- Shiba Inu’s SHIB, AAVE, and 1inch were the major exceptions as all of them are up considerably in the past 24 hours.
- In any case, the market crash was also responsible for a considerable streak of long positions being liquidated.
- In the last day alone, around $924 million worth of positions were liquidated, where 88% of them were long.
- This was also somewhat expected. As CryptoPotato reported on multiple occasions, the average leverage ratio was particularly elevated and so was the funding rate – both signals that a flush-out might be due. And that’s exactly what happened.
- The majority of the liquidations came from ETH longs – this can also be explained by the fact that earlier today, ETH was pushing for an all-time high right before the crash happened.
- Data shows that the majority of liquidations took place on Binance (36%), followed by Bitfinex (23%), and OKEx (13.48%).