More than $2.24 billion has been liquidated as crypto market declines from recent spikes. The bulky liquidations followed a drop in the price of Bitcoin. Bitcoin plummeted after crossing the $60,000 milestone on the 13th of March. On the day, Bitcoin surged to an all-time high of $61,884. However, Bitcoin is currently down 6.19% to $56,521.15.
Beincrypto said in a report that the bears took over the crypto space as Bitcoin plunged between 6% and 10%. As a result, the global cryptocurrency market value also decreased, losing 5% to $1.71 trillion.
As stated in the report, several exchanges recorded massive liquidations on their platform. Over the past 24 hours, more than 180,000 traders had liquidated their holdings. Crypto futures trading and information platform Bybt revealed in a report that about $2.23 billion worth of futures contracts were liquidated during the same period.
Data showed that Bitcoin accounts for most of the liquidations, totaling $1.74 billion. Also, Ether (ETH) accounts for $210. Other liquidated digital assets include Binance token BNB, Chiliz (CHZ), Litecoin (LTC), Polkadot (DOT), ADA, and Bitcoin Cash (BCH).
Beincrypto said eight major exchanges also reported about $14.3 million in liquidations, with Huobi as the highest, at $18.94 million. According to CoinMarketCap data, Bitcoin is currently trading at $56,398, after climbing nearly 9% in the last 24 hours.
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