March 10, 2023 1:28 AM | 1 min read
Crypto traders suffered a staggering $308 million in liquidations over the past 24 hours as markets took a hit following news that crypto-friendly bank Silvergate Capital Corp (NYSE:SI) is winding down its operations.
What Happened: Data from CoinGlass shows that Binance traders saw the biggest loss of $106 million, out of all the exchanges, followed by $74 million of losses on OKX and $42 million on Huobi.
Bitcoin Fear and Greed Index point to 34, which indicates fear in the market.
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Over $308 million worth of cryptocurrencies were liquidated in a single day, with Bitcoin (CRYPTO: BTC) leading the way at $120 million, followed by Ethereum (CRYPTO: ETH) at $75 million, and Dogecoin (CRYPTO: DOGE) at $3.86 million.
In the past 24 hours, trading positions totaling $248 million were liquidated in the form of longs — bets on an increase in market prices. This surpasses the highest daily liquidation of long positions for the year, which recorded $254 million on Feb. 9, according to Coinglass.
Price Action: At the time of writing, BTC was trading at $19,958, down 8.20% in the last 24 hours, according to Benzinga Pro.
Read More: Fed Assembling Special Crypto Squad As Silvergate Collapse Unnerves Investors
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