• The crypto market has experienced a liquidation worth $900 million within the last 24 hours. Although this number remains very significant, in the last few days the crypto market has experienced higher liquidation.
• The 24-hour liquidation and the back-to-back losses in some kind of way signify an even bigger storm that could surface in the future of crypto trading.

Within the last 24 hours, the crypto market has witnessed over $900,000,000 in liquidations across different crypto assets. Although this number remains very significant, it comes days after the crypto market experienced $1 billion in liquidation. Could this back-to-back liquidation signal an even bigger storm cooking up in the crypto market?

Crypto Liquidation Recorded in the last 24 hours

Coinglass, a well-known cryptocurrency data-based platform that specializes in providing data on crypto derivatives, shared data on the number of liquidations that took place in the crypto market within the last 24 hours. According to the data shared, about $936.66 million was wiped out of the market.

The details also covered that Ethereum had the largest share of the liquidations with $344.63 million lost, $266.34 million in long trades, and $78.29 million in short trades.Solana traders also lost over $60 million, the same as Bitcoin, XRP, and Doge, with over $162, $54, and $34 million, respectively.

Also Read: Coinbase Secures $1 Trillion Crypto Options Giant Deribit in Landmark Deal

Source: Coinglass

The prices of the different cryptocurrencies probably fell due to the fact that the hotter-than-expected U.S. Producer Price Index (PPI) data raised concerns about lasting inflation and pushed back the big investors’ hopes for Federal Reserve rate cuts.

Significantly, the market drop also came after the Bitcoin price reached a new record above $123,500, and this move caused many top traders to pull back from the asset, as it was considered risky to trade at that time. Dogecoin fell 9%, marking the largest loss among major tokens, while Solana, XRP, and BNB declined between 3% and 7%.

Bybit saw the biggest share of the losses with about $421.9 million lost, and over 92% coming from highly leveraged long trades. Binance followed with $249.9 million in liquidations, and then OKX with $125.1 million. The largest single liquidated position was closed on OKX on an ETH-USDT perpetual swap worth $6.25 million.

The question of if the crypto market would continue to decline or if there is an even deeper storm is one that would take time to tell. Currently, a lot of investors, traders, and analysts alike are positioning themselves for a possible altcoin season. Although there have been no confirmations yet, it is always important for investors and traders to be aware of the amount of risks involved in trading the crypto market and its high volatility.

Also Read: $74 Million in Crypto Scams Stopped: Inside Project Atlas and Operation Avalanche