Nearly 300,000 cryptocurrency traders lost close to $1 billion in the last 24 hours following a significant market crash. Cryptocurrencies experienced significant losses on April 12 and altcoins unusually dominated cryptocurrency liquidations, over Bitcoin (BTC).
Precisely, 297,536 derivatives trading positions reached the liquidation threshold, for $937 million of daily total losses. Finbold retrieved this data from CoinGlass‘s liquidation heatmap on April 13.
On that note, long positions made the vast majority of these losses, summing up to $824.45 million in liquidations. Short positions represented 12% of all losses, for $112.56 million.
Interestingly, $248.02 million of these liquidations happened with “other” altcoins, outside of the top 50 most valuable cryptocurrencies. This is an unusual leadership, considering Bitcoin and Ethereum (ETH) often dominate the trading volume and, consequently, the liquidations.
Liquidation Heatmap. Source: CoingGlass
Crypto mark
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