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Cryptocurrencies Face Largest Ever Single-Day Drop, Over USD 2.24 Billion Liquidated
(MENAFN) Global cryptocurrency markets experienced their largest ever single-day fall, with a total of over USD 2.24 billion in liquidated trading positions in the past 24 hours, according to Coinglass. Liquidations occur when a position is automatically closed due to a trader’s inability to maintain the necessary margin, often triggered by a margin call.
Over 730,000 traders were affected by the market crash, with nearly 37 percent of all liquidations happening on Binance, the world’s largest crypto exchange. Other platforms, including OKX, Bybit, Gate.IO, and HTX, also saw significant liquidation activity.
The massive drop comes amidst volatile market conditions, underscoring the risks associated with cryptocurrency trading, particularly in times of market stress. The unprecedented liquidation event highlights the fragility of highly leveraged positions in the crypto market.
Over 730,000 traders were affected by the market crash, with nearly 37 percent of all liquidations happening on Binance, the world’s largest crypto exchange. Other platforms, including OKX, Bybit, Gate.IO, and HTX, also saw significant liquidation activity.
The massive drop comes amidst volatile market conditions, underscoring the risks associated with cryptocurrency trading, particularly in times of market stress. The unprecedented liquidation event highlights the fragility of highly leveraged positions in the crypto market.
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