Crypto liquidations have soared in the last 24 hours across the market. Digital assets in the space have fallen, wiping hundreds of millions of dollars from traders. These liquidations affect the whole cryptocurrency market, trapping hundreds of thousands of traders in one of the worst liquidation events of 2022.
More than £728.47 million in liquidations have been recorded in the crypto market in the last 24 hours. It is the second-largest liquidation event recorded in 2022, falling just short of the October liquidation numbers.
Long traders have inevitably suffered the most of the liquidations, given that the price of digital assets across the space has plummeted. Long traders accounted for more than 70% of the liquidation figures. More than 33% of these volumes were registered on the Binance cryptocurrency exchange, with FTX close behind at 21.77%.
In one day, 392,043 traders were liquidated, with the greatest single liquidation order taking place on the Binance market. The trade was placed on the exchange’s BTCUSDT pair and was worth £5.88 million.
Digital assets such as Bitcoin and Ethereum always lead the field in every liquidation event. However, the fall of the FTX crypto exchange has led to the development of some powerful contenders throughout this period. The crypto exchange with the second-highest liquidation volumes suffered big losses in its native token, FTT.
5.75 million FTT tokens worth £23.34 million have been liquidated in the last 24 hours. This places it fourth in liquidation volume, following behind Solana (SOL), to which FTX also has exposure. At the time of writing, 3.26 million SOL worth £47.09 million had already been liquidated.
Even with nearly £877.2 million in liquidations, the bloodshed appears to be far from over. Bitcoin has fallen to £14920.48, still holding above the last cycle low of £15447.08, but with no support forming. Any significant fluctuations like the ones seen on Tuesday could quickly push the liquidation calculations beyond £877.2 million.