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A sudden surge in Bitcoin’s value has left thousands of traders counting their losses, with $135 million wiped out in liquidations over just 24 hours.
Key Notes
Over 54,000 traders saw their leveraged positions liquidated in the last 24 hours as Bitcoin price rallies near $70K.Ethereum traders faced the steepest losses after Bitcoin, with over $28 million in liquidations.Binance registered the largest liquidation, with a single trader losing nearly $7 million on an Ethereum/USDT trade.The cryptocurrency market has seen a sharp spike in liquidations, with over $135 million wiped out in the last 24 hours as Bitcoin BTC $68 593 24h volatility: 0.3% Market cap: $1.36 T Vol. 24h: $26.79 B approaches the $70,000 mark. This sudden market movement caught many investors off guard, leading to losses for 54,843 traders across the globe.
Bitcoin, which has not reached this level since its peak in March when it briefly traded around $73,000, is once again on the rise. The upward trajectory in BTC’s price has driven widespread market excitement, but it has also triggered a wave of liquidations across major crypto exchanges like Binance, OKX, and Bybit.
Short Traders Losses $95M to the Bears
According to data from CoinGlass, a leading platform that tracks crypto liquidations and other market trends, most of these losses came from traders who had placed highly leveraged bets, expecting either a price reversal or a more gradual rise. As BTC surged toward $70,000, their positions were forcibly closed, resulting in significant financial losses.
Short traders, who wagered on Bitcoin’s potential price reversal, took the most brutal hit, with approximately $95 million lost to the bears in the past 24 hours. Long traders fared better, with around $40 million in liquidations. The combined liquidation total stood at $135 million at the time of writing.
The market-wide liquidations were triggered by the rising prices of several major cryptocurrencies, including Bitcoin (BTC), Ethereum ETH $2 726 24h volatility: 2.9% Market cap: $328.19 B Vol. 24h: $17.64 B , Apecoin APE $1.51 24h volatility: 18.4% Market cap: $1.09 B Vol. 24h: $2.37 B , and Dogecoin DOGE $0.15 24h volatility: 2.4% Market cap: $21.45 B Vol. 24h: $2.00 B . CoinGlass data shows that Ethereum traders suffered the steepest losses, with approximately $28 million liquidated, followed by Bitcoin traders who lost $25 million.
Apecoin and Dogecoin saw $15 million and $8 million in liquidations, respectively, while other cryptocurrencies experienced a collective loss exceeding $14 million. XRP XRP $0.55 24h volatility: 1.5% Market cap: $31.10 B Vol. 24h: $1.19 B , in particular, registered up to $700,000 in liquidations in the past 24 hours alone.
The single largest liquidation order occurred on Binance, where a trader lost nearly $7 million in an Ethereum/USDT pair. The exchange also accounted for more than half of the total liquidations.
Recent Liquidation Trends amid Market Rebound
The liquidation trend has remained consistent since the market rebound last week following several months of massive decline. On October 16, Coinspeaker reported that crypto traders suffered an enormous liquidation of more than $300 million in a single day.
Just a day earlier, on October 15, over 64,100 traders suffered a combined loss of $184.88 million, with Bitcoin accounting for $48.62 million of those liquidations.
Short traders were once again the hardest hit, having anticipated a further decline in Bitcoin’s price. Ethereum traders also faced significant losses, with $30.22 million in liquidations, primarily affecting short positions.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Chimamanda is a crypto enthusiast and experienced writer focusing on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed an interest in the emerging economy. She combines her passion for blockchain technology with her love for travel and food, bringing a fresh and engaging perspective to her work.
