Ethereum

Richard

Litecoin

Solana

Events of the last 24 hours involving crypto exchange <a href="https://cryptoslate.com/companies/binance/">Binance</a> and several U.S.&nbsp;federal agencies, including the Commodity Futures Trading Commission (CFTC) and the Department of Justice, wiped over $200 million from crypto traders who held positions on the market. 
CryptoSlate’s data showed that the total market cap of digital assets declined by 2.04% to $1.38 trillion amid these developments. 
<h2 id="over-200m-in-the-last-24-hours">Over $200M in the last 24 hours</h2> 
The crypto market saw $226.88 million liquidated in the past 24 hours, with nearly 93,000 traders affected. 
Data from Coinglass showed that long traders lost $175.55 million, with <a href="https://cryptoslate.com/coins/bitcoin/">Bitcoin</a> and <a href="https://cryptoslate.com/coins/ethereum/">Ethereum</a> accounting for $69.02 million of these losses. 
<figure id="attachment_375863" aria-describedby="caption-attachment-375863" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-375863" src="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-22-090944.jpg" alt="Market liquidaton" width="904" height="429" srcset="https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-22-090944.jpg 904w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-22-090944-300x142.jpg 300w, https://cryptoslate.com/wp-content/uploads/2023/11/Screenshot-2023-11-22-090944-768x364.jpg 768w" sizes="(max-width: 904px) 100vw, 904px">
 <figcaption id="caption-attachment-375863" class="wp-caption-text">
 Crypto Market Liquidation Heatmap (Source: Coinglass)
 </figcaption>
</figure> 
Short traders experienced $51.31 million in liquidations. The top two digital assets accounted for over 50% of these losses. 
Additionally, traders who held positions in <a href="https://cryptoslate.com/coins/solana/">Solana</a> lost more than $10 million, while those in <a href="https://cryptoslate.com/coins/bnb/">BNB</a> lost over $6 million. Other assets such as <a href="https://cryptoslate.com/coins/dogecoin/">Dogecoin</a>, <a href="https://cryptoslate.com/coins/chainlink/">Chainlink</a>, <a href="https://cryptoslate.com/coins/xrp/">XRP</a>, and <a href="https://cryptoslate.com/coins/litecoin/">Litecoin</a> experienced less than $3 million in liquidations, respectively. 
Across exchanges, most of the liquidations occurred on Binance, OKX, and ByBit. These three exchanges accounted for nearly 90% of the overall liquidations, with 78% being long positions. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations. 
The most significant liquidation occurred on Bybit– BTCUSD valued at $2.35 million. 
<h2 class="s3" id="binance-issues-rekt-market">Binance issues rekt market</h2> 
Crypto analysts have attributed the <a href="https://cryptoslate.com/wsj-reports-cz-stepping-down-as-bnb-token-whipsaws-with-binance-near-doj-settlement-deal/">market drawdown</a> to Binance’s more than $4 billion settlement with the U.S. authorities and the subsequent resignation of its founder Changpeng ‘CZ’ Zhao as CEO after <a href="https://cryptoslate.com/binances-changpeng-zhao-pleads-guilty-to-money-laundering-comments-on-resignation/">pleading guilty</a> to money laundering charges. 
On Nov. 21, several U.S. federal agencies, including the DOJ and CFTC, detailed how Binance violated multiple finance-related laws. These violations stemmed from the platform’s failure to prevent transactions involving sanctioned users and individuals in restricted regions. 
In response, Binance <a href="https://cryptoslate.com/binances-new-chapter-begins-with-hefty-fines-and-compliance-commitments/">pled</a> guilty to the charges and issued a statement acknowledging its shortcomings. The firm agreed to pay over $4 billion in fines, retain an appointed monitor for three years, and commit&nbsp;to enhancing compliance measures. 
Additionally, it appointed Richard Teng, its former Global Head of Regional Markets, as the new CEO. 
The post <a href="https://cryptoslate.com/binance-induced-market-rout-wipes-more-than-200m-from-crypto-traders/">Binance-induced market rout wipes more than $200M from crypto traders</a> appeared first on <a href="https://cryptoslate.com">CryptoSlate</a>.

Binance-induced market rout wipes more than $200M from crypto traders

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