In the last 24 hours, the crypto market saw $523 million in liquidations with Ethereum (ETH) losing the most at $234.2 million. ETH was followed by bitcoin (BTC) with liquidations of $122.6 million.
The bloodbath affected about 143,000 merchants with the collapse of the cryptocurrency market. In the overall crypto market, the big top tokens have lost ground in the previous 24 hours with heavy losses to short-term and long-term traders. The worldwide crypto market value has dropped 5.28%, reaching $1.20 trillion. The phrase “liquidation” refers to the process of transforming assets into cash.
Position of other major tokens in last 24 hours
Solana (SOL), STEPN (GMT), and Sandbox (SAND) followed with liquidations of $11.51 million, $23.76 million, and $8.56 million, respectively.
Traders were incorrect in their judgement of the market’s recovery. Those who bet for the long term, faced a $415.3 million loss, while who bet short, lost $106.35 million.
OKX platform tops for crypto liquidations
The majority of liquidations occurred on OKX, following Binance and Bybit. OKX accounted for 48% of long-term liquidations of the crypto market while Binance accounted for 24%. Bybit has accounted for 10% of the market liquidations.
In recent weeks, liquidations appear to have been the order of the day, with the marketplace seeing large liquidations on a regular basis. In March, Ethereum merchants saw over $100 million sold in 24 hours, totalling $365 million in losses at the time. This is when the market appeared to be picking up.
Previously, the most recent day of severe liquidation occurred on May 8, when the crypto market liquidated for $260 million. On that day too, Ethereum suffered the most with a loss of $43 million in market cap.
Ethereum (ETH) liquidations even after many of the positive developments
Aside from the price, Ethereum has had a really excellent year. Numerous significant advances have occurred, including the implementation of the Merge on the Kiln testnet for which testing is at the edge of completion. The asset remains the primary platform for dApps and DeFi, and it has the attention of the entire globe.
However, even after so many positive developments, the crypto market remains hostile to the ETH. In the last 24 hours, the price of Ethereum has dropped by around 10%. The asset has gone below its resistance level, which is giving a bad indication for the crypto coin. The latest price of ETH coin is now roughly $1,750.
Long-term supporters will not be deterred by the volatility since they are confident that Ethereum will achieve its objectives. With scalability updates and other changes on the way, it might make a powerful comeback.