The crypto market has witnessed a massive sell-off over the past 24 hours, sparked by the recent crash of Bitcoin (BTC) under $30,000. As a result, the positions of hundreds of thousands of crypto traders have been liquidated. For example, data from Coinglass shows that more than $1 billion in trading positions have been wiped out in the last 24 hours.
Destroying millions of dollars
Traders who were expecting a rebound were most affected by the correction hit as nearly $750 million in long positions were liquidated over the past day. The volatility also took a toll on those betting that crypto will fall in a straight line, as nearly $200 million in short positions were wiped out over the same period.
With the bearish momentum taking over the crypto markets, traders are trying to buy time Ethereum (ETH) suffered its biggest liquidations on May 9 with 152,380 ETH worth nearly $340 million. However, at the time of writing, the Ethereum price has recovered somewhat and is sitting at $2,379.
Bitcoin is also affected by the crash
Bitcoin traders weren’t spared from the market crash either, as 11,040 BTC worth $333.53 million were decimated as King’s coin plunged below the psychological $30,000 mark, a level not seen since July 2021.
The decentralized financial payment network Terra (LUNA) comes in third place. Coinglass reports that 1.97 million LUNA were liquidated, worth more than $55 million. This was probably related to the problems the project was having with its stablecoin (UST) had. More information to follow.
All in all, several major traders were caught off guard by BTC’s plunge below $30,000. Bitcoin is currently back at $31,500. However, it is still questionable whether the bottom has actually been reached.
Source: Crypto News Deutsch