The decline in the value of cryptocurrencies over the past 24 hours has led to $169 million worth of cryptocurrency liquidations for traders, according to Coinglass data.
for every data46,931 traders liquidated, with the largest liquidation occurring in OKx with a value of $3.04 million.
Meanwhile, the market flaw affected both short- and long-term traders. However, traders who hold short positions account for the majority of cryptocurrency liquidations, with 59% of all losses.
Bitcoin Down 1.13%, Leading Cryptocurrency Liquidations
In terms of digital assets, Bitcoin accounted for the most cryptocurrency liquidations, with more than $80 million liquidated. Traders with positions on Ethereum also posted a loss of $23.33 million, while Arbitrum traders lost $8.3 million. Other tokens with major liquidations include Dogecoin, Solana, and Litecoin.
Meanwhile, four exchanges — Bitfinex, OKX, Binance, and ByBit — were responsible for more than 90% of cryptocurrency liquidations. Only at Bitfinex were liquidations mostly from short positions. On other exchanges, most liquidated traders held long positions.
Interestingly, all of these assets recorded a slight decline in their value over the past 24 hours and are still trading at relatively high levels. BTC is down 1.13% to trade at $30,457 as of press time, according to BeInCrypto data, while ETH has lost less than 1% of its value and is still trading above $2,000.
Shappella upgrade boosts crypto market
Despite today’s price correction, the cryptocurrency market enjoyed one of its best weeks this year after Ethereum completed the Shappella upgrade. The Shappella upgrade is the first significant development on the Ethereum network since the merger, allowing validators to withdraw their crypto assets.
During the week, major digital assets — BTC and ETH — broke through price barriers to reach new highs for 2023. BTC reached $30,000 for the first time in nearly one year, and ETH also traded above $2,100 for the first time in 2023. 11 months.
Other digital assets such as Cardano (ADA), BNB, Ripple’s XRP, and Solana (SOL) have seen their values rise by an average of 10% each, according to data from BeInCrypto.
Alex Kuptsikevich, Senior Market Analyst, FxPro male That rush of ether attracted most of the market. “The Shapella stiff fork ignited the rally,” Kuptsikevich added.
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