Cryptocurrency markets saw a massive selloff on Monday, leading to large-scale liquidations across the board.
What Happened: According to data from CoinGlass, more than $456 million was liquidated from 146,000 cryptocurrency traders in the last 24 hours.
Bitcoin (CRYPTO: BTC) alone saw $157 million in liquidations as the leading digital asset fell to an intra-day low of $39,373.
Ethereum (CRYPTO: ETH) saw $106 million worth of liquidations as its price fell to $2,962.
Dogecoin (CRYPTO: DOGE) saw $10 million liquidated as the meme-coin plummeted 10.7% to an intraday low of $0.133.
Other altcoins that saw large-scale liquidations were Terra (CRYPTO: LUNA), Solana (CRYPTO: SOL), and Ethereum Classic (CRYPTO: ETC) which saw $15 million, $12 million, and $7.5 million in liquidations.
The single largest liquidation took place on Bitmex on a BTC/USD trading pair, in which a trader lost $10 million.
The majority of long traders lost the most, with $411 million worth of long liquidations over the past 24 hours. Comparatively, only $44 million worth of shorts were liquidated.
Highest ever build up of open interest relative to market cap.
— Will Clemente (@WClementeIII) April 11, 2022
Wow. pic.twitter.com/EdmsSCBGP8
Market analysts warned that cryptocurrencies could face short-term volatility driven by derivative markets. Glassnode data shared by on-chain analyst Will Clemente shows that futures open interest is at its highest ever level relative to market cap.
