Crypto traders lose $ 280 million after Bitcoin’s break of $ 22,000

As the week draws to a close, there have been some interesting fluctuations in the price of bitcoin. The digital resource that had struggled to hold $ 20,000 had finally broken out of this funk and was able to take a rally to the middle of $ 22,000. This rally had naturally led to liquidations in the market, and as time went on, these liquidations increased with the volatility that has followed this price increase.

More than 65,000 traders Rekt

As of Friday morning, data from Coinglass shows that more than 65,000 traders have been liquidated in the last 24 hours. The liquidations had increased after the rapid extraction of bitcoin over 20,000 dollars, and by the end of the day it had increased the value of over 2,000 dollars. Traders were quickly taken by surprise and millions of dollars in short positions were liquidated.

Related reading | Bitcoin financing rates are rising as prices continue to struggle

In total, there have been more than $ 280 million in liquidations in the last day, and they continue to grow. The majority have turned out to be shorts with 214.74 million dollars in the last day. However, long traders have not been spared the attack with $ 67.35 million in the same time period. The reason for the long liquidations is that the digital asset reached its peak in the middle of $ 22,000 and has lost around $ 1,000 since then.

BTC declines to low $21,000 | Source: BTCUSD on TradingView.com

Bitcoin traders naturally carry the bulk of the liquidations. Data show that in the last day 6 320 BTC has been lost. This equates to $ 135.69 million, with the largest single liquidation event on the BTC-USD pair totaling $ 3.86 million on the Huobi cryptocurrency exchange.

Altcoins Follow Bitcoin Lead

Altcoins has maintained a close following with bitcoin when it comes to settlement trends. Altcoins like Ethereum have seen tens of millions of dollars liquidated in the last day. ETH’s figures have reached a total of 69,110 ETH, and come out to a dollar value of 84.15 million dollars.

Related reading | Altcoins takes the lead when Bitcoin struggles to hold over $ 20,000

Others who have seen major liquidations include Solana (SOL), which has made a splash in the NFT area recently. The Ethereum competitor had seen a total of $ 4.14 million liquidated to reach a total of 111,970 SOL.

Others such as GMT, AVAX and CRV have all registered over $ 3 million. While MATIC, XRP and SAND have seen liquidations of $ 2.85 million, $ 2.45 million and $ 2.17 million, respectively.

About half of the liquidations have been registered in the last 24 hours alone with $ 137.96 in total liquidations. Shorts still make up a larger share of liquidations, but with the price of bitcoin in a current downturn, long liquidations are increasing.

Featured image from MARCA, charts from TradingView.com

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