There has been a major liquidation in the crypto market in the last 24 hours. A total of $223.34 million in assets were eliminated. Bitcoin (BTC) 
$71,218 and Ethereum (ETH) 
$2,623 While there were sharp declines in the prices of leading cryptocurrencies such as , high volatility and market instability attracted attention.
Bitcoin Liquidations are at their Peak
Bitcoin led the way in liquidations; BTC worth $84.20 million was eliminated. This means approximately 1.18 thousand BTC is deleted from the market. Bitcoin’s high volatility has caused huge losses to investors making margin transactions. Especially as the market fluctuates, BTC transactions become more risky.
Ethereum followed Bitcoin. 13.41 thousand ETH was withdrawn from the market with a liquidation of $ 35.13 million. ETH, which generally moves parallel to BTC, is also affected by the developments in the DeFi and NFT markets. This situation causes volatility in ETH prices.
Situation in Other Cryptocurrencies
Solana, Dogecoin from the liquidation process 
$0.164825 Altcoins such as and Sui were also affected. Solana was among the altcoins that experienced the most liquidation, with a loss of $16.18 million and Dogecoin with a loss of $14.18 million. There was also significant liquidation in various other altcoins.
Liquidations took place mostly on major exchanges. Binance leads with liquidation of $124.13 million; OKX, HTX and Bybit also saw liquidations of $56.39 million, $21.07 million and $10.96 million respectively.
A total of 64,568 traders were damaged in this process. A liquidation of $18 million in BTC/USDT parity on Binance revealed how risky leveraged transactions can be.
This large liquidation wave reminded once again the volatile nature of the crypto market. Investors should not forget that they carry the same amount of risk along with the expectation of high profits and should review their strategies according to market conditions.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
