Crypto Traders See $880M Liquidated As Bitcoin Falls To $58,500

Liquidations in the crypto market exceeded $880 million on Tuesday as more than 200,000 traders liquidated across several crypto exchanges.

What Happened: According to data from CoinGlass, the largest liquidation occurred on Binance where a trader lost $10.37 million on an open Litecoin (CRYPTO: LTC) LTC/USD trading pair.

Overall, Ethereum (CRYPTO: ETH) accounted for the largest amount of liquidations with $125 million worth of ETH liquidated.

Bitcoin (CRYPTO: BTC) accounted for the second-largest amount with close to $98 million liquidated on BTC trading pairs.

The majority of liquidations were long positions across several assets with crypto exchanges Binance, FTX and OKEx accounting for over 76% of all market liquidations.

A windfall of liquidations was triggered after Bitcoin fell to an intra-day low of $58,515 on Nov. 16. Only last week, the leading digital asset hit an all-time high of $68,789 and overall crypto market sentiment was largely bullish.

Other major altcoins followed Bitcoin’s negative price action. Ethereum lost close to 10% and fell to $4,100. Solana (CRYPTO: SOL) was down 9% and fell to a low of $210 on Tuesday.

Meme-based cryptocurrencies such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) were down by more than 11% and traded at $0.2387 and $0.00004941, respectively.

As of Wednesday morning, Bitcoin was down 2.02% at $59,675.92.

Photo by Nick Chong on Unsplash