Crypto Liquidation Hits $277M: Bitcoin and Ethereum Lead the Losses

Published by

Vignesh S G

November 1, 2024

Today’s Crypto Market crash led to $277,480,000 in liquidation. Liquidation refers to the forced closing of positions. Long liquidations happen when BTC prices fall sharply, forcing traders betting on a price increase to sell.

The Bitcoin market has seen the highest liquidation of $88.40M in the last 24 hours, with long liquidations totaling $79.05M, and short liquidations of $9.35M.

Short liquidations occur when BTC prices rise, forcing traders betting on a price drop to close their positions. The price of Bitcoin was around $72,716.02 on October 29. Since then, it has slipped by 4.7%. In the last 24 hours alone, the BTC price has declined by 3.8%.

The Ethereum market has witnessed the second-highest liquidation of $44.96M in the last 24 hours, with long liquidations at $40.74M, and short liquidations at $4.22M. The price of Ethereum was $2,658.99 on October 30. Since then, it has fallen by 6.14%. In the last 24 hours alone, the Ethereum price has declined by at least 4.9%.

Other Top Cryptos & Liquidation

The Solana market has experienced liquidations totaling $15.16M in the last 24-hours, with long liquidations at $14.38M and short liquidations at $787.42K. The price of Solana has dropped by 4.6% in the last 24-hours.

The DOGE market has recorded a liquidation of $12.80M in the last 24-hours, with long liquidations at $9.90M, and short liquidations at $2.90M. The price of Dogecoin has registered a drop of 7.6% during the same period.

The total market cap of the cryptocurrency sector has registered a drop of 5.4% in the last 24 hours. The total liquidation reported in the crypto market for the last 24 hours is $279.31M, with long liquidations at $248.73M and short liquidations at $ 30.57 M.

The sharp liquidations across top cryptos indicate a significant decline in value, affecting both long and short positions, which highlights volatility in the crypto market.

Exchange-wise Liquidation Overview

The Binance exchange has registered the highest liquidation of $119.00M, with short liquidation at $105.27M and short liquidations at $13.72M.

The Bybit exchange has recorded the second-highest liquidation of $63.97M, with long liquidations at $57.56M and short liquidations at $6.41M. The OKX exchange has seen a liquidation of $59.59M, with long liquidations at $51.57M and short liquidations at $8.01M.

The HTX exchange has recorded $25.82M in liquidations, with long liquidations at $24.12M and short liquidations at $1.70M. Lastly, the CoinEx exchange has registered $7.37M in liquidations, with long liquidations at $6.69M and short liquidations at $68.78K.

Binance’s leading in liquidation figures show that traders on this exchange are significantly affected, reflecting either high leverage usage or increased risk exposure.

Stay tuned to Coinpedia for more updates on the crypto market liquidation scenario!

Vignesh S G

Vignesh is a young journalist with a decade of experience. A proud alumnus of IIJNM, Bengaluru, he spent six years as a Sub-Editor for a leading business magazine, published from Kerala. His interest in futuristic technologies took him to a US-based software company specialising in Web3, Blockchain and AI. This stint inspired him to view the future of journalism through the lens of next generation technologies. Now, he covers the crypto scene for Coinpedia, uncovering a vibrant new world where technology and journalism converge.