Crypto liquidations have surpassed the $1 billion mark less than 24 hours after the market took a red dive.
As the worldwide cryptocurrency market capitalization decreased over the previous day, the total amount of cryptocurrency liquidations hit $1.05 billion, according to statistics from Coinglass.
Traders Expects A Bull Run
Contrary to traders’ anticipation of a further bull run at this time, data indicates that the majority of liquidations are the result of long positions.
A Coinglass study also revealed that positions holding $257 million in short positions and $797 million in long positions were liquidated across all exchanges.
$309 million in liquidations were seen in Bitcoin (BTC) alone, with $211 million in long positions and $98 million in short ones.
Notably, on March 5, the primary digital currency hit a fresh all-time high of $69,170. After the surge, traders pulled out of bets worth over $142 million in less than an hour after Bitcoin hit a new peak.
According to the data examined, one trader recently liquidated $1.04 million in Bitcoin on Bybit when the asset’s price increased to $66,500.
Binance is at the top of the chart with $403 million in liquidations during the last day, followed by OKX and Bybit with $366 million and $106 million, respectively.
According to Coinglass statistics, the overall open interest decreased by 0.65% during the drop in the cryptocurrency market, which is currently valued at over $67 billion.