Turmoil as crypto traders lose over $2bn in the past 24 hours

Temitope Akintade
*Close to 300,000 crypto traders have been liquidated to the tune of $2.24 billion in the last 24 hours as the crypto market continues its free fall

According to data from Coinglass, 287,959 cryptocurrency traders were liquidated in the past 24 hours, following the drop in Bitcoin’s price below $28,000 which dragged along other coins in the market.

Traders are liquidated when over-leveraged and cannot meet margin call requirements due to insufficient balance.

At press time, the total losses from the closed positions reached $2.24 billion. The largest single liquidation order happened on BitFinex – $1.33 billion.

Liquidations:

  • BitFinex recorded the total highest liquidation amount at $1.38 billion
  • Binance had 267.74 million lost in liquidation
  • OKex had $248.37 million in a liquidated position
  • FTX traders lost 134.23 million
  • Bybit lost $115.23 million 
  • Deribit lost 39.64 million
  • Huobi – 32.36 million
  • Bitmex – 24.35 million

Market overview 

The cryptocurrency market continues its free fall and Bitcoin continues to shed value, dragging along other crypto-assets. 

According to data from Coinmarketcap at press time, the global crypto market cap has sunk 7.09% in the last 24 hours to sit at $1.24 trillion – 60% down from its peak. 

BTC is currently trading at $29,351 after losing the June $28,000 support and dropping as low as $26,700 earlier today which is its lowest price since December 2020. 

Ethereum, the second largest cryptocurrency by market cap, earlier plummeted to $1,800 before recovering to $2,013.

‘Ethereum competitors’ like Solana, Avalanche, and Polkadot have all tumbled harder. Solana is trading at $47.32, a 45% weekly decrease and now 84% short of its November all-time high.

Avalanche is down 45% in the last 7 days and is trading at $32. Polkadot market value is $8.90, a 39% downturn in the last one week. 

However, no crypto project is in more trouble than Terra Luna. The Layer 1 blockchain is in meltdown mode this week due to its algorithmic stablecoin, UST, losing its peg against the dollar.

$UST is currently worth just $0.386 while the network’s volatile token, $LUNA, is trading at around $0.016.

To understand the extent and significance of the calamity, $LUNA was still trading at $119 on April 5, less than six weeks ago. 

By all accounts and projections, the cryptowinter is upon us. The market is deep into a bear market, and there is no clear sign of brighter skies ahead anytime soon. 


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