Crypto Liquidations Top $2.4 Billion in 24 Hours

Cryptocurrency markets are falling and liquidations are piling up for overfunded traders on derivatives exchanges.
According to ByBit, a total of $ 2.38 billion has been liquidated in the past 24 hours. Over half that amount, or $ 1.26 billion, came from Bitcoin positions as the asset continued its free fall.
The biggest day for liquidating long Bitcoin positions was April 17, 2021, a few days after its all-time high when over $ 9 billion disappeared. According to futures exchanges, there were also large liquidation numbers for Bitcoin on April 22nd and May 12th.
Datamish has announced that it has liquidated long positions of $ 34 million on BitMEX and liquidated 417 BTC on Bitfinex in the past 24 hours.
Bitcoin dumps in case of musk attack
The massive liquidation was caused by increased selling pressure on the back of a crypto social media skirmish involving Elon Musk, who apparently completely flipped his pro-bitcoin stance.
The billionaire entrepreneur has come under increasing criticism lately for openly pumping the Dogecoin markets and recently claiming to go “all-in on DOGE” after more allegations. Crypto experts and investment professionals like Ari Paul have objected to the disguised market manipulation:
"Do it. You can do what you want with your money. However, many of us dislike your misleading new retail investors."
At press time, BTC was trading at $ 44,400 - a 10% decrease from yesterday's price at the same time.
Crypto market is bleeding
The rest of the market followed as usual. Many large-cap coins lost double-digit percentages that day. Ethereum is down nearly 12% on a decline to $ 3,400, while Binance Coin (BNB) is down 10% to $ 525.
XRP, Polkadot, Bitcoin Cash, Litecoin, Uniswap, Chainlink, and Stellar are all hit by double-digit losses as panic selling increases.
Total market cap for crypto has dropped a whopping $ 300 billion in less than 24 hours, down to $ 2 trillion at press time. This is the lowest market cap since April 26, and there are fears that further losses could spell the end of the bull market in 2021.

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