Traders saw more than $387 million in liquidations as the cryptocurrency market declined 5% over the last day.
What Happened: According to data from CoinGlass, more than 115,000 traders were liquidated in the past 24 hours at the time of writing.
The single largest liquidation took place on a Bitcoin BTC/USD/U.S. dollar trading pair where a trader lost $4.95 million.
Traders in long positions saw the most pain with $330 million in longs liquidated, while just $55 million in short positions were liquidated.
Bitcoin lost more than 5% of its value in the last 24 hours, falling to $44,400 from a high of $47,512. The leading digital asset recorded $117 million worth of liquidations while Ethereum’s ETH/USD fall to $3,250 resulted in $61 million in liquidations.
— On-Chain College (@OnChainCollege) March 31, 2022
Those trading Ethereum Classic ETC/USD and Zilliqa ZIL/USD lost $13.18 million and $11.71 million, respectively.
Recent volatility surrounding the cryptocurrency market had led to large-scale liquidations on both sides of the trade. Only four days earlier, Bitcoin’s move past $48,000 triggered $300 million worth of short liquidations over 24 hours.