The liquidation comes just a few days after the crypto market recorded a $400 million liquidation on Friday.
On June 11, Bitcoin fell by 2.5%, dropping from its daily high of $69,547 to a low of $66,018. Ether experienced an even larger percentage decline, falling 2.58% to $3,500. This downturn in the cryptocurrency market resulted in a significant impact on leveraged trades, wiping out nearly $200 million.
According to data from crypto analytic firm CoinGlass, over the past 24 hours, 83,912 traders were liquidated with a total liquidation of $190.97 million The largest single liquidation order happened on OKX - ETH-USDT-SWAP value of $5.21 million.
When a trader fails to meet margin requirements or runs out of money to maintain the position open, an exchange will liquidate a leveraged position, resulting in a partial or whole loss of the trader’s initial “margin.”
