<\/p>\n
Speculators on crypto derivatives suffered significant losses in the past day, totaling around $774 million, marking the highest single-day loss of the year due to volatile market swings.<\/p>\n
Bitcoin<\/a>, the bellwether digital asset, surged to its highest level<\/a> since November 2021, surpassing the $63,000 mark in a remarkable rally. However, the euphoria was short-lived as the price swiftly plummeted below $60,000, triggered, in part, by fear created by technical glitches<\/a> on major exchanges like Coinbase and Binance.<\/p>\n Adding to the volatility, observers noted<\/a> sizable Bitcoin transfers from wallets linked to funds seized by US authorities in the Bitfinex hack. The nearly $1 billion movement to undisclosed addresses fueled speculation that authorities might capitalize on the market surge to offload their holdings. However, CryptoSlate<\/em> analysis suggests the movement was likely UTXO management.<\/p>\n Despite the turbulence, Bitcoin regained ground, rallying to $62,530 at the time of reporting, marking a 7% gain over the previous day.<\/p>\n Meanwhile, other prominent cryptocurrencies followed suit with impressive gains. Ethereum<\/a>, for instance, surged 5% to nearly $3,500, reaching its highest value since April 2022. Solana<\/a> also experienced a resurgence, hitting around $130, its highest level in 22 months, according to CryptoSlate<\/em> data.<\/p>\n Among the top 10 cryptocurrencies by market capitalization, Cardano<\/a> and Dogecoin stood out with remarkable double-digit gains of 11.78% and 39.16%, respectively.<\/p>\n In the past 24 hours, the green market\u2019s robust performance resulted in the liquidation of 189,679 traders, amounting to a staggering $774 million, per Coinglass data<\/a>.<\/p>\n Short traders dominate the current liquidation landscape, accounting for a significant portion of the total losses. Those betting against price hikes faced a collective loss of $409 million, whereas long traders, anticipating price increases, incurred losses totaling approximately $365.48 million.<\/p>\n Bitcoin traders bore the brunt of the losses during this period, with a substantial $292.09 million downturn. Short traders experienced losses of $187.83 million, while long traders saw a decrease of $104.26 million.<\/p>\n Similarly, Ethereum experienced losses totaling $126.64 million, while traders in DOGE and Solana suffered losses of $50.3 million and approximately $29 million, respectively.<\/p>\n Meanwhile, the most significant individual liquidation occurred on OKX, totaling $9.45 million from a BTC-USDT-SWAP.<\/p>\n Across exchanges, Binance<\/a> and OKX<\/a> reported the highest liquidations, constituting 35.57% and 35.31% of the total, respectively. These losses translated to $275.46 million and $275.43 million, as reported by Coinglass. Conversely, Huobi, Bybit<\/a>, and Bitmex witnessed liquidations amounting to $79.40 million, $72.21 million, and $51.75 million, respectively.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Speculators on crypto derivatives suffered significant losses in the past day, totaling around $774 million, marking the highest single-day loss of the year due to volatile market swings. Bitcoin, the bellwether digital asset, surged to its highest level since November 2021, surpassing the $63,000 mark in a remarkable rally. However, the euphoria was short-lived as […]<\/p>\n","protected":false},"author":2,"featured_media":256462,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-256460","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256460","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=256460"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256460\/revisions"}],"predecessor-version":[{"id":256463,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/256460\/revisions\/256463"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/256462"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=256460"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=256460"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=256460"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Almost 190,000 traders liquidated for $774 million<\/span><\/h2>\n