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1 million positions worth $10 billion were liquidated on exchanges on Sunday
High market volatility last week made traders nervous. They made risky deals in the hope of a big profit. The market was overburdened with debt, and when the cryptocurrency charts shifted into the red zone on Sunday, it was a blow for many.
During Sunday's fall in the value of cryptocurrencies, which amounted to 10-25%, many positions were eliminated. On average, losses amounted to $9.85bn, of which more than $8.68 billion was for liquidated longs.
Nearly 50%, $4.6 billion, was liquidated at Binance. And the largest order for 68.73mln dollars was also liquidated on this exchange. Another $1.59bn was liquidated by Huobi. Bybit accounted for about a billion.
Most of the liquidations, of course, had on the BTC. They were destroyed by $5.6 bn. ETH accounted for $1.1bn in losses. More than 462mln were liquidated in XRP.
Analysts said the bulls, who hoped to profit from longs, were punished. Since such drawdowns are now not uncommon, be careful. Keep an eye on the price of cryptocurrencies on the Huobi exchange.
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