Crypto Traders Suffer Over $300M of Losses in Liquidations as Bitcoin Dipped Below 20K

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Last Updated on March 10, 2023 by Bitfinsider

As a result of the news that a cryptocurrency-friendly bank called Silvergate Capital (SI) was winding down operations, the cryptocurrency markets crashed on Thursday, causing traders to suffer liquidations totaling approximately $307 million over the past 24 hours, according to data provided by Coinglass.

According to Coinglass, traders on Binance, the biggest cryptocurrency exchange in the world in terms of trading activity, experienced the greatest number of losses, totaling $104 million. This was followed by losses totaling $79 million on OKX and $45 million on Huobi.

The greatest amount of money was lost by Bitcoin (BTC) dealers, which was approximately $112 million, while the amount liquidated in Ether (ETH) exceeded $73 million.

During the past twenty-four hours, approximately $282 million worth of trading contracts have been liquidated. These positions were longs, which are bets on values rising. According to Coinglass, this is greater than the largest daily long sale so far this year, which was recorded at $254 million on February 8th.

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