- On March 20, 2024, the bitcoin rate fell below $61,000.
- Against the background of volatility of the crypto market, the volume of liquidations exceeded $630 million.
- Most of the losses came from long positions – more than $470 million.
From March 19 to 20, there was increased volatility in the crypto market. Bitcoin rate fell below $61,000, which led to a wave of liquidations on futures contracts. Over the course of the day, the volume of losses amounted to $638 million, according to CoinGlass.
On the background of these events, the positions of 176,813 traders were liquidated. Long positions prevail by losses – $471 mln, while short positions account for $166 mln.
Bitcoin (BTC) is reportedly predominant among crypto asset trades. Trading pairs with the first cryptocurrency account for more than 30% of losses due to liquidations. Next come Ethereum (ETH), Solana (SOL), Dogecoin (DOGE) and other altcoins.
The leaders among crypto exchanges in terms of liquidations were Binance and OKX. The total share of these platforms is more than 70%.
Recall, on March 5, 2024 bitcoin has already fallen below $61,000. Then the volume of liquidations in the crypto market exceeded $1 billion.
At the time of writing, the rate of the asset has recovered. Bitcoin is trading above $62,200, according to TradingView:
