Bitcoin’s sudden drop below $58,000 has caused distress among leverage traders, as it dragged altcoins down as well. Coinglass, a crypto data aggregator, reports that over $448.49 million in liquidations took place in the last 24 hours, with leveraged longs accounting for more than 84% of the total. OKX, the leading exchange, saw the largest amount of liquidations at $171.28 million, followed closely by Binance at $170.43 million. Huobi and Bybit also experienced significant liquidations at $45.09 million and $37.22 million, respectively.
During this period, Coinglass also found that $167.43 million worth of Bitcoin was liquidated, with the majority being long positions. Additionally, $115.48 million worth of Ethereum was also liquidated. Other digital assets that faced substantial liquidations include Solana at $17.01 million, Dogecoin at $13.56 million, and Pepe at $6.61 million.
The largest single liquidation order occurred on OKX in the ETH/USDT pair, with a value of $6.07 million, according to Coinglass. In the past 24 hours, Bitcoin plummeted from a high of $61,335 to a low of $56,757. At the time of writing, it has slightly recovered and is trading at $57,429, representing a decrease of over 6% in the last 24 hours. Solana is currently trading at $123, down nearly 5% in the last 24 hours. Similarly, DOGE is trading at $0.12, down almost 9%, and PEPE is trading at $0.00000619, down 8.6% in the last 24 hours.
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