The crypto market experienced a significant drop in the last 24 hours, and as Bitcoin’s (BTC) downward trend continues, a total of over $140 million in liquidation has occurred. According to Coinglass data, approximately 57,585 traders were liquidated.
OKX and Binance Record the Largest Liquidations!
Digital asset exchanges OKX and Binance recorded the largest liquidations, with $48.3 million and $44.94 million, respectively. The data also shows that long liquidations accounted for approximately $114.8 million of total liquidations, while short liquidations accounted for $29.8 million.
Long liquidations accounted for 79.39% of total liquidations in the last 24 hours, while short liquidations accounted for 25.96%. Bitcoin (BTC) was the most affected cryptocurrency, accounting for $50.97 million of total liquidations.
Altcoins such as Ethereum (ETH) closely followed with liquidations of $30.29 million, while the frog-themed meme coin PEPE had a share of over $7 million. Meanwhile, the largest single liquidation occurred on OKX with a BTC-USDT swap worth $2.61 million.
These figures confirm that the ongoing market downturn has affected both long and short positions.
Bitcoin and PEPE are Experiencing a Drop
The global crypto market cap also dropped by almost 2.5% in the last 24 hours, falling to $1.14 trillion at the time of writing.
This drop occurred with Bitcoin and recently hyped memecoin PEPE dropping by over 20%, taking over $100 million off their market value.
Interestingly, PEPE’s trading volume increased in the last 24 hours, indicating a severe sell-off. Daily trading volume rose from $408 million yesterday to $647 million in the last 24 hours.
The top cryptocurrency Bitcoin also lost over $20 billion in market value in the last 24 hours, showing a drop of almost 4% under selling pressure. Although Bitcoin recorded an increase in price to over $30,000 in April, it has shown a bearish trend since then.
Bitcoin’s (BTC) price chart on TradingView. Source: BTC/USDT TradingView.com
