Coinspeaker
Crypto Liquidations Reach $150M as Bitcoin Recovers to $69,000
The cryptocurrency market witnessed a significant shift within the last 24 hours as Bitcoin (BTC) rebounded to $69,000. This recovery led to a large number of liquidations across various crypto exchanges, totaling around $150 million.
The world’s most popular and largest crypto asset by market capitalization experienced a sudden rise to $69,000 on Monday morning before retracing slightly below that level.
The surge caused around 74,668 traders who had bet against BTC to close their positions, leading to millions of dollars being liquidated to prevent further losses. Long traders suffered the most, with this group reporting losses of approximately $83.91 million, while short positions worth around $60.22 million were liquidated.
Major Liquidation Events
According to data from CoinGlass, the largest single liquidation order occurred on Bybit, a crypto exchange based in Singapore. A trader on the platform lost about $9 million in a single trade within the past day.
The data also showed that 100% of the total liquidation occurred solely on centralized exchanges, including Binance, the world’s largest crypto exchange, OKX, and Bybit. These three platforms contributed significantly to the entire liquidation, with Binance leading the pack.
The Binance exchange lost approximately $67 million within the last day, accounting for about 44.74% of the entire loss. During the same period, more than $46 million were liquidated from OKX, while Bybit lost around $20 million.
Impact on Various Blockchains
In terms of network performance, the Bitcoin protocol suffered the highest hit with $34 million liquidated from the ecosystem.
Other blockchain networks such as Ethereum (ETH) and Solana (SOL) also experienced significant liquidations ranging from $18.11 million to $5.20 million.
Additionally, Notcoin (NOT), one of the new entrants to the crypto economy, also suffered massive losses of $21.63 million.
The digital asset, which aims to transform the crypto industry, experienced a massive surge of over 52% in the last 24 hours. This surge took short traders by surprise, causing massive liquidations for those who bet against the token’s performance.
Notcoin’s Surprising Performance
In the last 24 hours, NOT surprised investors by gaining more than $4.673 billion in trading volume. Despite the poor market sentiment over the past week, NOT broke through the decline, reaching over 275% in one week.
The token recorded an all-time high of $0.027 on Sunday. However, at the time of writing, NOT has declined slightly and is now trading around $0.02064.
Crypto Liquidations Reach $150M as Bitcoin Recovers to $69,000
