In recent times, the crypto market has been shaken by a surge in liquidations as Bitcoin faltered, leading to a domino effect of positions being forcefully closed. The major exchanges such as Binance took the lead in liquidations with over $200.29 million, closely followed by OKX at $91.89 million. Although other exchanges also witnessed liquidations, Although, their impact was comparatively lesser.
This downward movement has led to a surge in total liquidations, with traders losing more than $500 million within the past 24 hours. Amid the selling pressure, one whale stands out for enduring the largest single liquidation. Someone on the Bitmex exchange recorded a massive loss of around $10M in an XBTUSD swap.
The global crypto market capitalization has also slumped to $1.1T, having a total market cap volume of $47.25 Billion over the past 24 hours, which makes an 8.45% decrease. However, BTC's market dominance is currently 47.25% and is trading in the range of $26,300 - $27,500 over the last 24 hours.