Over the course of the last 24 hours, the two biggest cryptocurrencies in the world in terms of market capitalization, Bitcoin (BTC) and Ethereum (ETH), had to face a sharp price drop. This price crash resulted in the liquidation of the massive amount of cryptocurrency futures positions.
Over $1.89 billion worth of digital currency futures positions got liquidation within the time frame of 24 hours. Out of the total amount that liquidated, the top-ranked digital currency Bitcoin counted for an amount of $555 million. Ether (ETH), the native digital token of the world’s second-major blockchain network, Ethereum, counted for $336 million worth of liquidation.
While on the other hand, other altcoins also witnessed massive liquidations, including the fifth-ranked digital currency XRP, Litecoin (LTC), and EOS.
Out of the total amount of liquidations, around $993 million worth of liquidations took place on Binance, the biggest cryptocurrency exchange in the world in terms of the trading volume. The Seychelles-based digital currency exchange Huobi saw $370 million worth of positions liquidated on its trading platform. The crypto exchange ByBit stood on the third spot in this case as $292 worth of futures positions liquidated on this exchange platform.
The Malta-based crypto exchange OKEx, BitMEX, FTX, and Deribt cryptocurrency exchanges accounted for $111 million, $53 million, $49 million, and $23 million, respectively. Bitfinex was the only cryptocurrency exchange that witnessed only $3 million worth of liquidations.
This liquidation of digital currency futures positions occurred at a time when the entire cryptocurrency market saw a slight decline in the price value. The price drop of Bitcoin and Ether had a major influence on this.
The leading digital currency’s price value plummeted from the mark of $48,000 and touched the figure of $46k. So far now, it has recovered that loss and has once again come on the verge of reclaiming the $48k resistance level. However, it is still slightly in the bearish sentiment as the price is trading down by 2.12 percent at the time of writing.
Ethereum also lost its support at the $1800 level and is currently trading at $1770 with a negative change rate of 2.46 percent over the last day.