Crypto Market In Panic As Bitcoin Crash To $57,000 Sends 105,000 Traders To The Slaughter

The crypto market is in a state of panic due to the market crash that rocked Bitcoin and altcoins. As the value of Bitcoin continues to fall from support after support, tens of thousands of traders have lost their positions, resulting in losses of hundreds of millions of dollars in the last day alone.

Crypto Market Liquidations Cross $290 Million

Over the past 24 hours, the price of Bitcoin has been crashing, eventually falling below $57,000 before recovering again. However, the damage has already been done, with long-term traders suffering losses on the last day.

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According to data from Coinglass, there were $292.8 million crypto liquidations in the last day. In total, 105,458 traders have been liquidated, and 88.61% of them are long traders. Most of this closing happened in the last 12 hours after Bitcoin dropped from $61,000 to $57,000 with $204.97 million liquidation.

Bitcoin alone saw $91.7 million in liquidations, while the second largest cryptocurrency, Ethereum, followed with $69.86 million in liquidations. One major liquidation event occurred on the Huobi crypto exchange across the BTC-USD pair, where one liquidation call lost $10.49 million.

Binance, the world’s largest crypto exchange, recorded $122.67 million in liquidation, OKX exchange saw $89.83 million in liquidation, and Huobi exchange saw $ 42.07 million on completion. Coming in fourth and fifth place are Bybit and CoinEx at $23.04 million and $9.42 million, respectively.

Bitcoin Returns Could Change The Trajectory Of Liquidations

As mentioned above, the closing of the crypto market has been largely dominated by long trading given that the price of Bitcoin has continued to decline. However, with the price showing a downward trend, rising above $57,900 at the time of this writing, the shorts are starting to feel the heat.

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Coinglass data shows that the long run has dropped from 88.61% in the last 24 hours to 56.48% in the last hour. If the price continues to rise, then the short sellers, who are motivated by the bearish wave, may suffer more from here.

Despite the positive sentiment being destroyed, Bitcoin’s daily trading volume saw a significant jump of 50%, bringing it to $37.59 billion. So far, the bulls seem to be developing support, making it a point to hold if the recovery will continue from here.

Bitcoin is currently trading at $57,909, with a decrease of 3.87% in the last day. It is down 5.23% on weekly chart and 15.95% on monthly chart.

The featured image was created with Dall.E, a chart from Tradingview.com