As bitcoin fell to its lowest level since August 2021, traders lost $725 million in 24 hours, according to analysts at the Koomberbit exchange. A total of 189,000 users of cryptocurrency exchanges were forced to close their positions. The largest liquidation occurred in the bitcoin pair on the BitMEX platform and amounted to $9.9 million.
81% of positions closed by crypto exchanges in the last 24 hours are long. This means that traders opened them in the hope of further market growth. The largest number of liquidations – $292 million was in pairs with bitcoin, Ethereum came second with losses of $193 million. The volume of liquidations in pairs with other altcoins is much lower. The third largest loss is Cardano ($12.8 million).
According to analysts Koomberbit, the morning of January 21 bitcoin rate for the first time in five months fell to $38.2 thousand for the day the cryptocurrency fell by 8%. Bitcoin was followed by altcoins. The price of Ethereum fell to a record low of $2.8 thousand, Cardano dropped to $1.2.