Leverage traders are seeing red after Bitcoin (BTC) suddenly plummeted below $58,000, dragging altcoins down with it.
According to crypto data aggregator Coinglass, over $448,490,000 in liquidations have occurred in the last 24 hours – more than 84% from leveraged longs.
Leading exchange OKX hosted the largest amount of liquidations at $171.28 million, followed by $170.43 million on Binance, the world’s top exchange, $45.09 million on Huobi and $37.22 million on Bybit.
Coinglass reveals that during the last day, $167.43 million worth of Bitcoin was liquidated, the overwhelming majority of them being long positions. Coinglass also finds that $115.48 million worth of the leading smart contract platform Ethereum (ETH) has been liquidated during the same time frame.
Other prominent digital assets that saw large liquidations include ETH rival Solana (SOL) at $17.01 million and two popular meme assets Dogecoin (DOGE) at $13.56 million and Pepe (PEPE) at $6.61 million.
The largest single liquidation order happened on OKX in the ETH/USDT pair for a value $6.07 million, according to Coinglass.
Bitcoin plummeted from a high of $61,335 to a low of $56,757 in the past 24 hours. Bitcoin has slightly recovered at time of writing and is trading for $57,429, down more than 6% in the last 24 hours.
Solana is trading for $123 at time of writing, down nearly 5% in the last 24 hours. Meanwhile, DOGE is trading for $0.12 at time of writing, down nearly 9% in the last 24 hours. PEPE is trading for $0.00000619 at time of writing, down 8.6% in the last 24 hours.
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