Analytical Platform Cryptodiffer reported $1.16 billion worth of liquidation in centralized exchanges (CEXS) over the past 24 hours. Geopolitical tensions, particularly Israel’s military strikes against Iran, are widely seen as the leading drivers behind this sharp surge. The attacks have roared global markets, dwindled the value of Bitcoin soaringly, leading to widespread liquidation across major cryptocurrency exchanges.
Binance and Bibit drive 71% of cryptographic liquidation
Binance made the biggest contribution to liquidation. The exchange liquidation totaled $458 million, accounting for 39.48% of the total. BYBIT followed behind, winning $376 million, or 32.41% of the total. Together, they accounted for over 71% of all liquidations, and had a major impact on the cryptocurrency market.
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Other exchanges also saw considerable settlement. OKX reported a $129 million liquidation, accounting for 11.12% of the total. Gate.io has had a $128 million liquidation, accounting for 11.03%. HTX recorded $51.9 million liquidation (4.47%), while Coinex recorded $12.4 million, or 1.07% of the total.
Bitcoin is dominated by a $448 million liquidation amid the turmoil of the market
The cryptocurrency that was significantly affected was Bitcoin (BTC). In total, BTC positions worth $448 million have been settled. Second place was Ethereum (ETH), which had a liquidation of $304 million. Solana (Sol), Dogecoin (Doge) and Ripple (XRP) are among the other major cryptocurrencies, with liquidation worth $52.6 million, $26.1 million and $23 million, respectively.
As of press time, Bitcoin was trading at $104,756, marking a 2.85% decline over the last 24 hours. In the meantime, Ethereum had experienced an even more substantial decline of 8.69%, currently at $2,514. The two biggest cryptocurrencies have witnessed a massive decline in the market.
This surge in liquidation highlights the main risks of leveraged trading in cryptocurrency. With leveraged capital, even small price changes can result in significant losses. Given the reputation of crypto market volatility, these events serve as valuable lessons for traders.
With tensions in the Middle East still not resolved, analysts warn that more volatility and liquidation could be ahead. In these unpredictable times, it reminds traders to step carefully when moving into the market.
Related: Crypto-Dispute: Bitcoin prices drop as we and Iran rumours escalate
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