In the cryptocurrency market, liquidation of $ 380 million took place in the last 24 hours.
The crypto industry started the day on a red chart. Bitcoin (BTC) experienced an instant 2% drop from $ 26,400 in the morning. With this decline, BTC fell to the level of $ 25,750. Although the decline in BTC showed a small appearance, the decline of altcoins was larger. Altcoins are down more than 20 percent.
According to data from Coinglass, 380 million dollars of liquidation took place in the crypto market during all these processes.
Liquidations Happened in Long Direction Transactions
There is a day defined as ‘apocalypse’ in the crypto money market. The cryptocurrency market faced a drop of close to 20 percent.
The conflict situation, especially between the SEC and crypto exchanges, continues to negatively affect the entire crypto ecosystem. The fact that the stock markets did not take a step back and the SEC’s pressure increased day by day, took the altcoins under its influence. The SEC had defined many altcoins as securities. Binance US has delisted some altcoins identified as securities.
In this way, the fact that an investment company started selling after last week caused the market to fall further. Scimitar Capital has announced that it will sell its crypto assets.
According to data provided by Coinglass, a liquidation of $380 million took place in the middle of all these processes. Long transactions account for $338 million of this liquidation. The most liquidation occurred on the Binance exchange with $149 million. Soon after, OKX was liquidated for $141 million.
Liquidations mainly took place today.
On the Bitcoin side, $ 50 million was liquidated in the last 24 hours. The vast majority of this amount comes from long transactions. The other liquidation occurred in altcoins.
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