Ethereum

Bitcoin

In an intense 24-hour period, cryptocurrency traders have weathered over $1.04 billion in liquidations due to a sudden upheaval in market volatility. This event was triggered primarily by Bitcoin’s erratic price movement, which dropped from $27,600 to $25,600 before bouncing back to $26,500 within hours. 
The sudden volatility has sent shockwaves throughout the crypto market, impacting both long and short futures traders. In fact, data reveals that crypto long trades accounted for a staggering 90% of total liquidations as <a href="https://crypto.ro/en/bitcoin/">Bitcoin (BTC)</a> and <a href="https://crypto.ro/en/education/best-crypto-to-buy-now/#2-ethereum-eth-large-cap-best-crypto-to-buy-today">Ethereum (ETH)</a> slumped. 
Breaking down the $1.04 billion debacle, long positions accounted for a significant $836 million, leaving shorts at $205 million. 
The largest chunk of these liquidations occurred on <a href="http://v" rel="nofollow" target="_blank">OKX, one of the leading crypto exchanges</a>. A staggering $308 million in long positions were liquidated on OKX within this tumultuous period. Binance followed closely with the liquidation of $189 million in bullish positions. 
<figure id="attachment_23563" aria-describedby="caption-attachment-23563" style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" class="wp-image-23563 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations.webp" alt="OKX experienced the most liquidations" width="1428" height="764" srcset="https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations.webp 1428w, https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations-300x161.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations-1024x548.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations-768x411.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations-750x401.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/08/OKX-experienced-the-most-liquidations-1140x610.webp 1140w" sizes="(max-width: 1428px) 100vw, 1428px" title="Crypto market sees over $1 billion in trader liquidations amidst turbulence 24">
 <figcaption id="caption-attachment-23563" class="wp-caption-text">
 OKX experienced the most liquidations | CoinGlass
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</figure> 
<h2 id="defi-not-spared-from-the-liquidation-wave">DeFi not spared from the liquidation wave</h2> 
Yesterday’s price plummet was not just a centralized market narrative. The<a href="https://crypto.ro/en/defi/"> decentralized finance (DeFi)</a> sector, which has been gaining traction, was also jolted. Liquidations in this domain soared to a yearly high, reaching over $75 million, with the drop of ETH to sub-$1600 levels, as revealed by Parsec’s data. 
If this wasn’t alarming enough, there’s approximately $270 million in collateral across the DeFi spectrum that stands vulnerable. Should Ether’s value sink further beneath the $1500 mark, these funds could very well be next in line for liquidation.

Crypto market sees over $1 billion in trader liquidations amidst turbulence

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