$534 wiped in crypto liquidations despite market consolidation

Cryptocurrency liquidations recorded a massive outbreak while the market consolidated with mixed signals.

According to data provided by Coinglass, the total crypto liquidations increased by 43% in the past 24 hours to $534 million. Over $352 million in long positions and $181 million in shorts have been wiped off the market. 

The total number of liquidated traders has surpassed the 200,000 mark. 

XRP (XRP) is leading with $69 million in 24-hour liquidations — $36 million longs and $33 million shorts. The asset reached a local high of $2.85 with a 400% rally over the last 30 days.

Bitcoin (BTC) saw $60 million in liquidations — $40 million longs and $20 million shorts — as its price fell below the $96,000 mark early Monday. The largest single liquidation order happened on Binance and was worth $2.1 million in BTC/USD perpetual contract, according to Coinglass data. 

Small-cap altcoins registered roughly $108 million in liquidations as Bitcoin’s price fall triggered FUD (fear, doubt and uncertainty) among market participants, initiating a short-term selloff.

Binance has been leading with $222 million in daily liquidations with 63% of them being longs. OKX and Bybit crypto exchanges also recorded a whopping $134 million and $124 million in liquidations, respectively. 

The increased liquidations come while the crypto market has been moving sideways around the $3.66 trillion zone, according to data from CoinGecko. Notably, investors have bought over $1.2 trillion in cryptocurrencies over the past month. 

Moreover, the daily crypto trading volume increased by 38% to $375 billion.

At this point, Bitcoin and altcoins are seeing mixed signals as the market is wandering in greedy and highly volatile conditions. Bitcoin’s price movements have proven to impact the broader ecosystem and investors are eying the $100,000 price point for the flagship cryptocurrency.