Crypto Liquidations reached $170 million, BTC has $30,000

The decline in the value of cryptocurrencies over the past 24 hours has led to $169 million in crypto liquidations for traders, according to Coinglass data.

According to the data, 46,931 traders were liquidated, with the largest liquidation occurring on OKx and valued at $3.04 million.

Meanwhile, the market downside affected both short and long traders. However, traders with short positions accounted for most of the crypto liquidations, accounting for 59% of the total losses.

Bitcoin Price Falls 1.13%, Crypto Liquidations Peak

In terms of digital assets, Bitcoin accounted for most of the crypto liquidations, with over $80 million liquidated. Traders with positions in Ethereum also recorded a loss of $23.33 million, while Arbitrum traders lost $8.3 million. Other tokens with large liquidations include Dogecoin, Solana and Litecoin.

Meanwhile, four exchanges – Bitfinex, OKX, Binance and ByBit – were responsible for more than 90% of crypto liquidations. Only on Bitfinex was the liquidation mostly from short positions. On the other exchanges, most traders who were liquidated had long positions.

Interestingly, all these assets have only registered a slight fall in value over the past 24 hours and are still trading at relative highs. BTC fell 1.13% to trade at $30,457 at press time, according to BeInCrypto data, while ETH lost less than 1% of its value and is still trading above $2,000.

Shappella upgrade boosts crypto market

Despite today’s price correction, the crypto market has had one of its best weeks this year after Ethereum completed its Shappella upgrade. The Shappella upgrade is the first significant development on the Ethereum network since the merger, which allowed validators to withdraw their assets.

During the week, the flagship digital assets – BTC and ETH – broke through price barriers to reach new highs for 2023. BTC hit $30,000 for the first time in almost a year, and ETH also traded above $2,100 for the first time in 11 months.

Other top digital assets such as Cardano (ADA), BNB, Ripple’s XRP and Solana (SOL) all saw their values ​​rise by an average of 10% each, according to BeInCrypto data.

FxPro senior market analyst Alex Kuptsikevich noted that Ether’s rally pulled most of the market. Kuptsikevich further added that the “Shapella hard fork sparked the rally.”