More than $400 million was liquidated from cryptocurrency markets as Bitcoin BTC/USD fell 8% on Thursday to a low of $36,350.
What Happened: According to data from Coinglass, total liquidations exceeded $406 million over the last 24 hours.
At the time of writing, 103,600 traders had been liquidated with the majority of them being in long positions.
$165 million in #Bitcoin Long Liquidations today.
This is the highest daily long liquidation amount since the end of January 2022 crash. pic.twitter.com/vwfp0ZzQNb
— On-Chain College (@OnChainCollege) May 6, 2022
On-chain analysts noted that the scale of long liquidations today was the highest since the crypto crash at the end of January.
At the time of writing, there was $342 million worth of long liquidations and $62 million worth of short liquidations.
See Also: Bitcoin, Ethereum, Dogecoin Plunge: More Pain Ahead Or Will ‘FUD Like This’ Cause A Crypto Spike Soon?
Bitcoin BTC/USD and Ethereum ETH/USD saw $192 million and $64 million liquidated, respectively.
Among altcoins, ApeCoin (APE) saw the most amount of liquidations with traders losing $11.98 million. STEPN (GMT) and Solana (SOL) saw over $9 million in liquidations.
Dogecoin DOGE/USD saw $4.62 million worth of liquidations as the meme coin lost 6.7% and fell to $0.12.
The cryptocurrency selloff ensued despite news that the world’s largest crypto exchange Binance had contributed $500 million to Elon Musk’s $44 billion Twitter Inc TWTR takeover.