Bitcoin (BTC) Drops To $36,350, Wipes $400 Million From Crypto Market


More than $400 million was liquidated from cryptocurrency markets as Bitcoin BTC/USD fell 8% on Thursday to a low of $36,350.

What Happened: According to Coinglass data, total liquidations exceeded $406 million in the past 24 hours.

At the time of writing, 103,600 traders had been liquidated, most of them in long positions.

$165 million in #Bitcoin Long liquidations today.

This is the highest daily long liquidation amount since the late January 2022 crash. pic.twitter.com/vwfp0ZzQNb

— OnChain College (@OnChainCollege) May 6, 2022

On-chain analysts noted that the magnitude of the long liquidations today was the highest since the crypto crash in late January.

At the time of writing, there were $342 million in long liquidations and $62 million in short liquidations.

See Also: Bitcoin, Ethereum, Dogecoin Plunge: More Pain Ahead or Will ‘FUD Like This’ Spark Crypto Surge Soon?

Bitcoin BTC/USD and Ethereum ETH/USD saw $192 million and $64 million liquidated, respectively.

Among altcoins, ApeCoin (APE) saw the most liquidations with traders losing $11.98 million. STEPN (GMT) and Solana (SOL) saw more than $9 million in liquidations.

Dogecoin DOGE/USD saw $4.62 million in liquidations while the meme coin lost 6.7% and fell to $0.12.

The cryptocurrency sell-off followed despite news that the world’s largest crypto exchange Binance had contributed $500 million to Elon Musk’s $44 billion Twitter Inc TWTR acquisition.


This post Bitcoin (BTC) Drops To $36,350, Wipes $400 Million From Crypto Market was original published at “https://www.benzinga.com/markets/cryptocurrency/22/05/27040059/400m-liquidated-from-crypto-markets-as-bitcoin-falls-to-36-350”

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