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The crypto market experienced a significant drop in the last 24 hours, and as Bitcoin
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.
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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