Crypto Market Faces $932 Million Overnight Liquidation: XRP, DOGE, NEAR in Focus

Overnight on October 15, the cryptocurrency market experienced its largest wave of forced liquidations of margin positions since August. According to CoinGlass , the daily liquidation volume amounted to $939.30 million, with $791.62 million (84.3%) of all losses falling on holders of long positions (longs). The sharp drop in prices led to a large-scale unloading of the derivatives market, ridding the industry of accumulated speculative ballast. The main blow was taken by Ethereum ($286.11 million) and Bitcoin ($215.49 million). The largest recorded incident was the liquidation of a long position on the BTC-USDT pair on Binance worth $12.03 million at a price of $80,208.96, while Binance itself accounted for 52.3% of the total volume of closed orders.

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