Crypto Liquidations Reach $150M as Bitcoin Recovers to $69,000

As a seasoned crypto investor with several years of experience in this volatile market, I’ve witnessed my fair share of liquidation events and their impact on various digital assets. The recent surge in Bitcoin’s price to $69,000 and subsequent correction led to a significant number of traders getting wiped out, with over $150 million in losses.

As a market analyst, I’ve observed some notable developments in the cryptocurrency sphere over the past 24 hours. Specifically, Bitcoin (BTC) bounced back and reached a price of $69,000, triggering substantial liquidations worth approximately $150 million across various crypto exchanges.

As a crypto market analyst, I’ve noticed an intriguing development in the market. The leading and most widely held cryptocurrency by market capitalization underwent a surprising surge to reach a peak price of $69,000 around Monday morning. However, it subsequently retreated slightly, dipping below that level.

Approximately 74,668 traders who had wagered against Bitcoin (BTC) were compelled to close their positions due to the surge, resulting in over $144.13 million in total losses. Long position holders endured the brunt of these losses, reporting approximately $83.91 million in damages, while short positions worth around $60.22 million were liquidated.

Major Liquidation Events

Based on information from CoinGlass, the biggest single liquidation order took place on Bybit, a cryptocurrency exchange headquartered in Singapore. A user on this platform suffered a loss of approximately $9 million during the previous day as a result of a single trade.

The findings indicated that all the liquidation of the total amount took place exclusively on decentralized trading platforms such as Binance, the globally prominent crypto exchange, OKX, and Bybit. Among these three, Binance played a pivotal role in facilitating the entire liquidation process.

Approximately $67 million was mislaid by Binance in the previous day, which represented approximately 44.74% of the total losses during that timeframe. Simultaneously, over $46 million was forfeited on OKX, and Bybit experienced a loss of around $20 million.

Impact on Various Blockchains

The Bitcoin network experienced the greatest impact on performance in terms of finance, with approximately $34 million being withdrawn from the system.

Significant liquidation events occurred on other popular blockchain networks, including Ethereum (ETH) and Solana (SOL), totaling between $18.11 million and $5.20 million.

Furthermore, NOT, a recent addition to the cryptocurrency market, experienced significant losses totaling $21.63 million.

In the past 24 hours, the revolutionary digital asset saw a remarkable increase of more than 52%. This unexpected growth took short sellers off guard, resulting in significant losses for those who wagered on its decline.

Notcoin’s Surprising Performance

Over the past day, the investment market saw this company add over $4.673 billion to its trading volume without shocking investors. Contrary to the negative market vibes of the previous week, the company managed an impressive surge of over 275% in value within just seven days.

On Sunday, the price of the token reached a new peak of $0.027. Yet, its value has dipped slightly since then and is currently being exchanged around $0.02064.

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2024-06-03 13:27