The cryptocurrency market experienced a major shakeup as over $846 million worth of trading positions were liquidated within 24 hours, affecting approximately 243,000 traders. The market shows early signs of volatility primarily impacting Bitcoin (BTC) and Ethereum (ETH) positions.
The liquidation wave unfolded in multiple stages, with long positions taking the heaviest hit. The initial hour saw $13.35 million in losses, escalating to $37.39 million over the next four hours. The most devastating period occurred during a 12-hour window when $465.81 million worth of positions were eliminated, accounting for over half of the total losses.
The most notable casualty was a single ETHUSDT position on Binance worth $15.8 million - the largest individual liquidation during this market event. This dramatic wipeout highlights the inherent volatility of cryptocurrency markets.
Despite the widespread liquidations, Bitcoin managed to climb 4.24% to reach $96,811.63. The total cryptocurrency market capitalization currently stands at $1.91 trillion, with $93.78 billion in trading volume recorded over the past day.
This market event serves as a powerful reminder of cryptocurrency trading risks, where sudden price movements can trigger cascading liquidations. Market participants are advised to exercise caution with their trading positions as market conditions remain unpredictable.