The cryptocurrency market experienced a significant jolt as Bitcoin, the largest cryptocurrency by market capitalization, slipped below its previously plateaued threshold of $26,000. This downward movement has led to a surge in total liquidations, with traders losing more than $300 million within a span of 24 hours.
The repercussions of this event are reverberating throughout the market, with major exchanges recording substantial liquidation figures.
Record Liquidations Hit The Market
The crypto market has been shaken by a surge in liquidations as Bitcoin faltered, prompting a domino effect of positions being forcefully closed. According to data from Coinglass, roughly 112,837 traders were liquidated in the past 24 hours, resulting in a cumulative loss of $304 million and counting.
Among the exchanges involved, Binance took the lead in liquidations with $100.4 million, closely followed by OKX at $80.62 million. Although other exchanges also witnessed liquidations, their impact was co
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