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$10 Billion in Liquidations as the Crypto Market Cap Evaporated $360B in Hours

The enhanced volatility in the past day caused nearly $10 billion in liquidations in less than a day as bitcoin, and all altcoins fell hard. Naturally, over 90% of the liquidated amount came from long positions. 

CryptoPotato reported earlier today the adverse price developments in the cryptocurrency market. Bitcoin fell by more than $9,000 in hours, Ethereum lost $400, and so on. With most digital assets plummeting by double-digits, the cumulative market cap lost $360 billion at one point. 
As it generally happens, the community speculated for possible reasons. One theory outlined rumors indicating that the US Treasury Department plans to charge numerous financial institutions for laundering money using cryptocurrencies. 


While the reason is still debated, the severe price drops caused pain for traders. Data from Bybt shows a whopping amount of $9.98 billion liquidated in the past 24 hours alone. Somewhat expectedly, over $9 billion were from long positions – meaning 91%.  
Most of the liquidations took place on Binance, which is somewhat expected as it’s the leading exchange by volume. Following were Huobi and Bybit.
More interestingly, the largest single liquidation order happened on Binance and it had a face value of a whopping $68.73 million.

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