Bitcoin Crash Triggers $294 Million Cryptocurrency Derivatives Liquidation Event

Data shows the cryptocurrency derivatives market has seen a huge amount of liquidations in the past day as Bitcoin has crashed under $58,000.

Cryptocurrency derivatives witnessed mass liquidations to the tune of over $294 million in the past 24 hours, as Bitcoin’s price crashed below the $58,000 mark.

According to data from CoinGlass, the majority of these liquidations, amounting to $257 million, were faced by traders holding long contracts. This signifies that a vast number of traders who anticipated a rise in cryptocurrency prices over the next 24 hours faced significant losses.

A table below showcases the breakdown of these mass liquidations.

Long contract liquidations, in particular, reached a staggering $257 million, while short contract liquidations amounted to $37 million. Cumulatively, these liquidations total an astronomical $294 million.

Interestingly, a substantial portion of these liquidations, valued at $53 million, occurred within the last four hours. This coincides with a period of relative calm in the cryptocurrency market, where Bitcoin’s price remained largely stable within a narrow range. This suggests that traders may have been aggressively speculating in an attempt to capitalize on the market's downturn.

When examining the contributions of specific symbols to the overall liquidations, BTC and ETH took the lead, as expected, given their dominance in the cryptocurrency market.

The table below highlights the top ten symbols that contributed the most to the latest 24-hour crypto derivatives liquidations.

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