Over the past 24 hours, crypto futures have liquidated more than $1 billion amid market crash and major assets losing pivotal support levels. Bitcoin (BTC) has dropped 8% in 24 hours, Ether (ETH), BNB and XRP also have similar losses. Meanwhile, Terra’s LUNA coin fell by 50% as its stablecoin UST lost its peg with the US dollar. The tech-heavy Nasdaq Composite Index also dropped 521.41 points, or 4.29%.
The market crash caused the highest liquidation loss this year. The data shows that traders of Bitcoin futures lost $346 million, Ether futures lost $321 million, LUNA also lost up to $87 million – a higher-than-usual figure for traders of that asset.
Of this over $1 billion, $793 million came from long traders, accounting for 74% of futures trades. About $257 million of that occurred on crypto exchange OKX, followed by Binance with $181 million and FTX with $102 million.
Open interest and the number of outstanding derivative contracts fell by 5.6%, which means traders closed their positions in anticipation with fear that the market would continue to fall. As a result, within the past 24 hours, the cryptocurrency market has lost nearly 8% of its total capitalization. At the time of writing, the market has gradually recovered, Bitcoin – the largest coin by capitalization, is back to trading around $31,800.
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