Alex Dovbnya
The cryptocurrency market has suffered from a wave of liquidations following Bitcoin’s plunge
According to recent data provided by Coinglass, a whopping $207 million of crypto has been liquidated over the past 24 hours. Long positions account for the vast majority of the wipeout ($184.09 million).
Notably, $135.84 million worth of crypto has been liquidated over the past four hours alone.
The OKX comes in first place by the total amount of liquidations ($47.64 million). Binance and Huobi come in second and third places with $43.84 million and $27.19 million, respectively.
Almost 80,000 traders have been liquidated over the past 24 hours, with the largest single liquidation surpassing $3 million on the OKX exchange.
Bitcoin, Ethereum, Solana, and Dogecoin are in the lead by liquidations.
Earlier this Friday, Bitcoin dropped to an intraday low of $65,018, according to CoinGecko data. It is currently trading at $65,448 after paring some gains. The flagship cryptocurrency is now down roughly 5% over the past week.
On Wednesday, the flagship coin came close to reclaiming the $70,000 level after US inflation turned out to be lower than expected in May. However, it reversed course after Federal Reserve Chair Jerome Powell made somehow hawkish comments during the same day. His comments spooked traders who were hoping for multiple rate cuts this year.
Due to the double-whammy of Bitcoin exchange-traded fund (ETF) outflows and the macroeconomic uncertainty, the largest cryptocurrency kept underperforming and eventually plunged below the pivotal $66,000 support level.
