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Crypto market faces a panic wave of mass liquidations

Crypto market faces a panic wave of mass liquidations

Over the last 24 hours, more than $260 million worth of positions were liquidated in the crypto market. The key impact hit Ethereum (ETH) and Bitcoin (BTC).

According to Coinglass, the crypto market has absorbed its lowest levels since November in the last 24 hours, triggering multi-million dollar panicked trade order liquidations. Ethereum traders turned out to be the main victims. In this segment, the amount of liquidation amounted to more than 17,600 ETH, or about $43 million. Bitcoin (BTC) had $31 million in liquidations, followed by the LUNA coin at $2.77 million.

The major share of liquidations was observed on OKex, FTX, and Binance exchanges. In total, more than 69,000 traders lost their positions.

Recently, the crypto market has been experiencing increased volatility. For a while, it seemed that BTC managed to break beyond $40,000, but then it bounced back and started to decline aggressively.

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