The cryptocurrency market saw $205 million worth of liquidations in 24 hours as Bitcoin (CRYPTO: BTC) surged above $41,000 on Wednesday.
What Happened: According to data from CoinGlass, more than 40,000 traders were liquidated with the single largest liquidation occurring on OKX. The trader lost $6.44 million on a BTC/USDT swap.
Bitcoin liquidations alone amounted to $92 million in the last day, while Ethereum (CRYPTO: ETH) saw $49 million worth of liquidations.
The largest amount of liquidations occurred over a one-hour time frame when Bitcoin suddenly spiked 5% to an intra-day high of $41,465.
Bitcoin erased these gains entirely just 90 minutes later when it fell back to $39,000 – a level that it has been trading around for the past five days.
“In the end, shorts got the worse deal here with over $47 million in short liquidations in an hour vs. just under $10 million in long liquidations so far,” commented CryptoQuant author On-Chain College on Twitter.
#Bitcoin price jumped a couple thousand dollars and is right back down to where it started about 1.5 hours later.
— On-Chain College (@OnChainCollege) March 16, 2022
In the end, shorts got the worse deal here with over $47 million in short liquidations in an hour vs. just under $10 million in long liquidations so far... pic.twitter.com/zsAXMUFitF
Updated data from CoinGlass revealed the value of shorts liquidated over this one-hour time period was closer to $76 million, compared to just $7 million long liquidations.
