The cryptocurrency market experienced a sharp downturn over the past 24 hours, resulting in the liquidation of $1.76 billion across 583,810 traders as Bitcoin dropped to $95,000. This wave of liquidations predominantly affected long positions, which accounted for $1.58 billion, while shorts made up $184.51 million.
Bitcoin (BTC), the leading cryptocurrency, saw liquidations amounting to $189.19 million within 24 hours. Of this, $147.95 million were long positions, and $41.23 million were short positions.
Over the past hour alone, $3.96 million worth of BTC positions were liquidated, with longs totaling $3.21 million and shorts at $755,420.
On a wider level, liquidation figures across all cryptocurrencies were in red with significant losses. The hour-long liquidation figures reached $10.63 million, which included $2.78 million longs and $7.85 million shorts.
In the four-hour liquidation figure, it was at $144.69 million, which had $120.80 million in longs and $23.89 million in shorts.
The biggest order of the single liquidation on Binance was at its ETHUSDT pair with a value of $19.69 million. Other altcoins are not to be disregarded for making the incredible 24-hour total in the liquidations as it lost $563.25 million. From that, $537.43 million came from longs while $25.81 million came from shorts.
