Over 90,000 crypto traders have suffered massive losses, amounting to over $200 million, in the past 24 hours due to significant market volatility triggered by the instability of Bitcoin (BTC), Ethereum (ETH), and other alternative coins.
During the weekend, the global cryptocurrency market remained relatively stable, with Bitcoin and Ethereum trading between $60,000 and $61,000 and $2,800 and $2,900, respectively. However, the market has shown signs of recovery in the new week, with a slight increase of approximately 1.16% in the global market cap over the last 24 hours. This follows a rebound from last week’s lows of $57,000 and $2,700 for the two largest cryptocurrencies.
Crypto Traders Face Losses as Global Market Rebounds
The sudden surge in the market at the beginning of the week resulted in a quick liquidation of millions of dollars. In the past 24 hours alone, $211.61 million worth of assets were liquidated, with $113.66 million in the previous 12 hours and $47.37 million in the last 4 hours. Expecting a price increase, long traders accounted for $131.96 million of the total, while short traders, expecting a market decline, recorded only $79.67 million.
Based on Coinglass data at the time of writing, the most significant single liquidation order occurred on the current largest cryptocurrency exchange by trading volume, Binance, at the trading pair of ETH/BTC valued at $3.98 million. These 90,122 crypto traders were also from several other leading centralized crypto exchanges (CEXs), including OKX, Bybit, CoinEx, and HTX. According to the charts, Bitcoin saw $24.3 million liquidated, while Ethereum traders lost $19.09 million within 24 hours.
Meanwhile, the real-time data reports become more interesting when looking at the liquidation of specific cryptocurrency coins. In the last 24 hours, BTC liquidations from crypto traders who bet the market’s fall amounted to around $27 million, while Ethereum saw approximately $15 million drained.
Leading Digital Assets Show Recovery Signs
The largest cryptocurrency has shown a slight increase in its market cap, recording a 2.33% rise and standing at $1.24 trillion, as per CoinMarketCap. Its 24-hour trading volume has also surged to $27.5 billion, marking a 105.38% increase compared to the last day. As of writing time, Bitcoin is trading at $62,935 after reaching a high of over $63,300 on Monday.
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Ethereum, the second-largest coin by market capitalization, has also shown some signs of recovery. The digital asset is changing hands for $2,954, slightly increasing by just 0.83%.
Additionally, other altcoins, such as Solana (SOL), Ripple (XRP), and Dogecoin (DOGE), are also showing minor recovery signs. However, these digital currencies also contributed to the around $211 million loss of crypto traders in the recent liquidation.
