$534 wiped in crypto liquidations despite market consolidation

Cryptocurrency liquidations recorded a massive outbreak as the market consolidated with mixed signals.

According to data provided by Coinglass, total crypto liquidations increased by 43% in the last 24 hours to $534 million. More than $352 million in long positions and more than $181 million in short positions were wiped out of the market.

Source: Coinglass

The total number of liquidated traders exceeded the 200,000 mark.

XRP (XRP) is the leader in 24-hour liquidations with $69 million ($36 million long and $33 million short). The asset reached a local high of $2.85, a 400% rise in the last 30 days.

Bitcoin (BTC) saw $60 million in liquidations, including $40 million long and $20 million short, as its price fell below $96,000 early Monday. According to Coinglass data, the largest single liquidation order occurred on Binance and was worth $2.1 million in the BTC/USD perpetual contract.

Small-cap altcoins recorded liquidations of around $108 million as Bitcoin’s price decline sparked a short-term selloff, triggering FUD (fear, doubt and uncertainty) among market participants.

Binance is the leader with a daily liquidation of $222 million, 63% of which is long positions. OKX and Bybit crypto exchanges also recorded liquidations of $134 million and $124 million respectively.

According to data from CoinGecko, the increased liquidations come at a time when the crypto market is moving sideways in the $3.66 trillion region. Notably, investors purchased over $1.2 trillion in cryptocurrencies last month.

Moreover, daily crypto transaction volume increased by 38% to $375 billion.

At this point, Bitcoin and altcoins are seeing mixed signals as the market navigates greedy and highly volatile conditions. Bitcoin’s price movements have proven to impact the broader ecosystem, and investors are eyeing the flagship cryptocurrency’s $100,000 price point.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.