Crypto traders faced significant losses as major cryptocurrencies, including Bitcoin and Ether, experienced a sharp decline, resulting in over $1 billion in liquidations.
Crypto investors and traders lost approximately $1.08 billion in total liquidations amid uncontrolled falling prices of prominent cryptocurrencies, including Bitcoin (BTC), Ether (ETH) and Solana (SOL).
On Aug. 5, crypto market prices witnessed a significant decline owing to the weakening global economy, which was catalyzed further by the sudden crash of Japan’s stock market. In the process, nearly 300,000 crypto traders were liquidated off their leveraged positions or collateral trades, according to data from Coinglass.
Amid the ongoing bear market, the prices of the most popular cryptocurrencies depreciated, with BTC and ETH falling down by over 10% and 20%, respectively. As a result, crypto traders anticipating a prolonged bull run lost their positions to the bloodbath.
