While the global markets take a hit on Monday, the crypto market has also caught in the blunder with it seeing a liquidation of $1.38 billion in the past 24 hours.
This is one of the largest single day liquidations in crypto while it coincides with the increased tension in global trade and finance markets. While Bitcoin price crashes 10%, the broader crypto market is witnessing huge selling with major altcoins dropping over 15% today.
As per Coinglass data, nearly $1.24 billion of long positions and $145 million of short positions are wiped out from crypto markets, combining to $1.38 billion. From the total liquidation, Bitcoin amounts for $474.12 million which is followed by ETH with $392.97 million.
Bybit is currently the leading crypto exchange in total liquidation with it recording $558.80 million, nearly 60% of the total liquidation amount while Binance is at the second place with $284.05 million.
The market turmoil has also wiped out $300 billion from the crypto market cap with it now sitting at $2.37 trillion. This marks one of the largest single day drops in the global crypto market cap in the past year.
