The Bitcoin crash ignites the largest liquidation in cryptocurrency history - 19 billion dollars have gone and are still ongoing📈🤦🏻♂️
More than 1.6 million traders have been destroyed daily📈😢
There is no way to soften what has happened in the cryptocurrency markets since Friday evening. For example, the price of Bitcoin experienced one of its worst declines in modern history, dropping from over $122,000 to $105,000 on some exchanges, and even down to $101,000 on others.
Alternative currencies have also been devastated, with massive declines in the prices of most of them. Here’s what we know so far.
Valuermarket classified this event as "the largest daily liquidation in the history of digital assets." The preliminary figures, $250 million in one hour, and $900 million over 24 hours, when the price of Bitcoin fell to $117,000, are incomparable to what happened later.
CoinGlass data shows significant losses of $19.30 billion in a single day. Naturally, long positions account for the largest share, at nearly $17 billion. However, the slight recovery that the cryptocurrency market has seen since then has also harmed some short traders, with liquidations amounting to $2.5 billion.
The number of traders affected by the financial crisis is also huge. It typically hovers around 200,000 during bad liquidation periods, but it has now risen significantly to over 1,660,000, which is more than 1.6 million traders.
