Liquidations Surpass $300 Million As Bitcoin Touches 40-Day Lows

Crypto liquidations have been ramping up coming out of the weekend. The market had recorded a number of dips that saw more than $80 billion shaved off the crypto market. This had meant that bitcoin had declined to the $38,000 territory and had taken the rest of the market with it. However, contrary to expectations that the digital asset would record the most liquidations, that title had been claimed by the second-largest cryptocurrency, Ethereum. Bitcoin, Ethereum Lead Liquidations Bitcoin liquidations were no doubt one of the highest in the space. Being the biggest digital asset in the crypto market, bitcoin traders usually bear the brunt of it whenever there’s a large liquidation effect. But this time around, it had placed second behind Ethereum liquidations as the price of the cryptocurrency had fallen to the low $2,800s. BTC declines to $38,000 | Source: BTCUSD on TradingView.com In the last 24 hours, bitcoin had seen a total of $72 million in liquidations. The interesting fact about this though is the fact that the majority of these liquidations had taken place in the last 12 hours alone as at the time of this writing. More than $48 million had been liquidated at press time. Long traders had also made up the majority of this given that the price of the digital asset was in a decline. However, there were some short liquidations sprinkled here and there for the bitcoin. Ethereum liquidations followed the same pattern o...