Over $50M Is Liquidated From The Crypto Market On October 12th


Over $50M Is Liquidated From The Crypto Market On October 12th

Introduction: Crypto liquidation means the process of forcibly closing a trader’s positions in the cryptocurrency market. In the market setting, this happens when a trader’s margin account can no longer support their open positions. Of course, this can be due to significant losses or not enough margin strength.

Notably, the Crypto exchange reserves the right to initiate a Liquidation process immediately if a trader’s account falls below the required margin level. The result? The  trader’s positions will be closed abruptly at the current market price. This is targeted as an effort to cover losses on the trader’s side. However, It’s important to note that crypto liquidation can result in significant financial losses for the trader. 

What Does “Rekt” Mean In Crypto?

“Rekt” is often used in reference to crypto “liquidation”, it’s a slang term used among many traders to describe the situation of getting their trades liquidated. This is mostly used especially when it’s a significant loss in play as it comes from the word “wrecked”.

Liquidation Data From The Last 24 Hours

Let’s look at some notable Crypto liquidation today in the market, as presented by the analytical site, CoinGlass. 

  • 24h Rekt : $50.18M
  • Long : $37.35M
  • Short : $12.83M

Notably, in the past 24 hours, there’s 21,020 traders suffering from liquidation in the crypto market. Recall, the US CPI data just came in some hours ago, which is believed to have some impacts on the market, although the top crypto, Bitcoin, is still showing some strength. Bitcoin is currently trading at $26,784.14 with a 24-hour trading volume of $9,254,871,739, down 26.02%. The live market cap of Bitcoin sits at $522,618,588,131 at the time of writing.

Progressively,, the total liquidations in the last 24 hours comes in at $50.18 million (representing $37.35M on Long and $12.83M on Short). Also, the largest single liquidation order happened on OKX – ETH-USDT-SWAP value $2.56M. 

Real-Time Token Liquidation 

It’s important to note that we are currently witnessing massive liquidation happening on the new trending asset, $BIGTIME. 

The image below shows some real-time liquidation on the asset happening on the Binance exchange. $BIGTIME, yesterday recorded some massive price increase following listing from top crypto exchange. 

Crypto Exchange Liquidation Data

Furthermore, according to data from the site, OKX is the top crypto exchange experiencing the highest liquidation at the moment. OKX is seeing over $22M in liquidation ($17.7m on long and $5.1 on shorts).

Binance Crypto exchange trade liquidation comes in second with a total liquidations at $15.18m. Then, Bybit crypto exchange at $7m and Huobi crypto exchange total liquidations at $4m total. 

Join Us On Telegram and Coinmarketcap

Subscribe For More Stories

Verified by MonsterInsights