Crypto traders experienced a significant loss of $307 million in the past 24 hours, according to data from Coinglass. Binance, the world’s largest crypto exchange, saw the most liquidations with $104 million, followed by OKX and Huobi with $79 million and $45 million respectively. Bitcoin traders were the most affected, with $112 million in losses, while ether liquidations totaled $73 million. The losses were attributed to news of crypto-friendly bank Silvergate Capital winding down operations.
Cryptocurrency prices have taken a sudden nosedive in the past 24 hours, catching investors off-guard. According to Coinglass, liquidated trading positions in the past 24 hours totaled $282 million, with most of it being longs betting on higher prices. This is larger than the highest daily long liquidation of this year, which was $254 million on Feb. 8. Bitcoin (BTC), the largest cryptocurrency by market capitalization, has dropped more than 6% in the past 24 hours, reaching its lowest level in seven weeks at around $20,050. Other popular altcoins such as dogecoin (DOGE) and tron (TRX) have also seen significant declines. Investors should be aware of the risks associated with cryptocurrency trading and take steps to protect their investments.
Crypto markets had a strong start to 2021, with Bitcoin (BTC) rallying above $25,000 in February. However, the recent decline has been caused by concerns about the stability of Silvergate Bank, a key banking partner for digital asset companies. Silvergate Bank announced Wednesday evening that it will “voluntarily liquidate” its assets and shut down operations, leading to a decrease in crypto market confidence. Despite this, crypto markets remain optimistic about the future, with many expecting the market to recover from the recent losses. Investors should remain vigilant and keep an eye on the latest developments in the crypto space.
