Crypto Market Witnessed Nearly $1 Billion Liquidation Spree

The crypto market experienced a significant wave of liquidations, marking the largest wipeout since early March.

In a major upheaval, the crypto market encountered a massive liquidation event, culminating in the elimination of nearly $1 billion in assets.

This liquidation spree, the most substantial since early March, primarily targeted long positions, with a staggering $772 million wiped out. The catalyst for this tumultuous event was Bitcoin flash crash of over 8% on Saturday, driven by escalating tensions in the Middle East as Iran launched hundreds of drones and missiles at Israel in retaliation.

The epicenter of this liquidation storm was Binance, witnessing the largest single liquidation order amounting to $8.46. Across various exchanges, approximately 260,000 cryptocurrency traders faced liquidation over the past 24 hours, marking one of the most severe crashes in recent crypto history. Notably, OKX surpassed Binance in total liquidations, with $412 million compared to Binance $365 million.

Other major exchanges such as Huobi, BitMEX, CinEX, and Bitfinex also experienced significant liquidations. Despite brief relief rallies observed in major altcoins like Dogecoin (DOGE) and Shiba Inu (SHIB), the overall cryptocurrency market cap remains significantly down. Bitcoin (BTC) and Ethereum (ETH) took the lead in total liquidations, followed by Solana (SOL) and DOGE.

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