Traders lost $344 million in 24 hours as crypto market falls
Mass liquidations of user positions of crypto exchanges occurred during the collapse of bitcoin below $20,000 and a 30% drop in the price of FTT token in a few hours
Crypto exchanges liquidated user positions worth over $344 million in 24 hours, according to CoinGlass. A total of 173,800 traders' positions were forcibly closed. The largest liquidation occurred on the Okex trading platform in the bitcoin pair and amounted to $1.9 million.
The largest number of losses for the last 24 hours was in Ethereum - $86.8 million. Bitcoin with liquidations of more than $70 million is in the second place. Solana occupies the third place with the value of $26 million.
77.4% of positions opened during the last 24 hours were long. It means that traders opened them expecting further growth of quotations. When the market goes in the opposite direction, the crypto exchanges forcibly close positions in order not to lose their funds.
On the morning of November 8 bitcoin rate was falling to a two-week low of $19.3K. At the same time own token of one of the largest crypto exchanges FTX collapsed by 30% in four hours.