A few hours after Bitcoin scaled the $30,000 mark, the global crypto market has been rocked by substantial liquidations. The past 24 hours alone have seen a drastic exodus of more than $260 million from the crypto market. This significant upheaval underlines the high-stakes, volatile nature of digital currency trading.
Notably, traders currently at a loss despite the uptrend in the market are those that took short positions with the hope of the crypto market continuing a downward trend.
Sweeping Liquidation Wave Hits Crypto Traders
Data from Coinglass reveals that an estimated 65,392 traders and counting had their positions liquidated in the past 24 hours, amounting to cumulative losses above $269 million. This event underscores the risk in crypto trading, particularly during significant market shifts, such as Bitcoin’s recent surge beyond the $30,000 threshold.
Binance, a prominent player in the crypto exchange arena, accounted for the most significant slice of these liquidations, t
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