Market Bloodbath: Cryptocurrency Industry Faces $435 Million in Liquidations

The crypto market is in for another bumpy ride as financial events coincide with a spike in volatility, and around $435 million in positions have been liquidated over the past 24 hours. Bitcoin (BTC) and Ethereum (ETH) are taking the biggest hit, and leveraged traders keep losing money on major exchanges. According to CoinGlass, total liquidations reached $440 million, hitting 91,821 traders. Shorts accounted for $171 million. Longs took the bigger hit with $269 million, or 61.2% of the total, which shows that most of the pain fell on traders betting on a rise. Bitcoin led with $163.8 million in liquidations, followed by Ethereum at $68 million. Other coins added $50 million in total liquidations, which makes the distribution of liquidations somewhat equal here.

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