Early Monday morning, the price of Bitcoin fell another 5%, falling to $61,000. This decline, which was very sudden, surprised investors, triggering a massive wave of liquidations. As volume continues to grow, cryptocurrency liquidation figures have reached $300 million in just 24 hours.

91,000 cryptocurrency traders lose $282 million in Bitcoin crash

Data from Coinglass yes shown that tens of thousands of cryptocurrency traders lost their leverage positions in the last day, leading to the liquidation of hundreds of millions of dollars. This is related to the decline in the cryptocurrency market caused by the Bitcoin crash.

So far, the number of traders who have lost their positions has exceeded 91,000, and just over $282 million has been lost since then. With the Bitcoin and cryptocurrency market crash, most of these liquidations came from long traders, with an overwhelming 91.59%.

As expected, Bitcoin recorded the highest liquidation volumes with $103 million. Ethereum is in second place with $64 million, and Solana is third with $13 million. Liquidations of other companies also exceeded $38 million during this time.

Binance accounts for approximately 35% of all liquidations with $102.9 million, while the OKX exchange recorded $82 million in liquidations. Huobi, Bybit, and Bitmex rank 3rd, 4th, and 5th with $47.72 million, $21.33 million, and $15.15 million, respectively. However, the largest single liquidation order occurred on the Bitmex exchange, where a trader lost $10 million on the XBTUSDT pair.

At the time of writing, the majority of liquidations occurred in the last 12 hours alone, accounting for $230 million of the $282 million recorded. Meanwhile, in the last hour, the liquidation value exceeded $102.5 million.

Despite significant liquidation volumes, the last 24 hours are still not the worst day of June. Since June was full of outages, there were noticeable liquidation trends this month. For example, on June 7, liquidation volume reached $360 million when Bitcoin’s price dropped from $71,000 to $68,000.

On the other hand, on June 18, 24-hour liquidation volume exceeded $300 million when Bitcoin price dropped from $67,000 to $64,000. If the price of Bitcoin continues to decline, then liquidation volumes could rapidly augment and reaching $300 million may only be a matter of when, not if.

Bitcoin price is currently struggling to hold $61,000, down about 5% in the last 24 hours. If the bulls fail to maintain this level of support, the probability of the price falling to the $50,000 area becomes much higher.

Featured image created with Dall.E, chart from Tradingview.com