$130M in Crypto Liquidations Triggered by BTC's Leap Above $28K

$130M in Crypto Liquidations Triggered by BTC's Leap Above $28K

Bitcoin briefly climbed above $28,000 during early trading hours on Monday, triggering liquidations of roughly $130 million in positions held on the crypto market. According to Coinglass data, the flagship digital asset saw $55 million in liquidations for traders who held positions in it in the last 24 hours.

The crypto market saw $129.91 million liquidated in the past 24 hours, with more than 35,000 traders being liquidated. Data from Coinglass showed that short traders lost $104.45 million, with Bitcoin and Ethereum accounting for over $68 million of these losses.

Meanwhile, long traders experienced $25.46 million in liquidations. The top two digital assets were responsible for more than 50% of these losses.

Other assets such as Dogecoin, BNB, Chainlink, XRP, Litecoin, and Solana experienced less than $2 million in liquidations, respectively.

Across exchanges, most of the liquidations occurred on OKX, Binance, and ByBit. These three exchanges accounted for over 70% of the overall liquidations, with 99% being short positions. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations.

While this news may be concerning for some investors, it's important to remember that volatility is a natural part of the crypto market. Prices can fluctuate rapidly, and sudden drops or spikes in value can trigger liquidations.

As always, it's crucial to do your research and invest wisely. Make sure you have a diversified portfolio and only invest what you can afford to lose.

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