More than 103,000 traders were liquidated for $364 million over the last 24 hours.
What Happened: Data from CoinGlass shows that the majority of crypto long traders were liquidated on Tuesday.
Bitcoin BTC/USD saw the most liquidations worth $124 million, followed by Ethereum ETH/USD, which saw $114 million worth of liquidations.
Ethereum Classic ETC/USD also saw a considerable amount of liquidations — worth $40 million.
Meme-based cryptocurrency Dogecoin DOGE/USD saw $3.07 million worth of liquidations, putting it in similar territory to altcoins Solana SOL/USD and Cardano ADA/USD, which witnessed $3.5 million and $3.6 million worth of liquidations, respectively.
See Also: IS DOGECOIN A GOOD BUY?
Most liquidations were recorded on cryptocurrency exchanges OKX, Binance and FTX.
Expert Take: Crypto market analyst Krisma noted that crypto exchanges suspending ETH and ERC-20 deposits before The Merge will make it difficult for traders to add assets to their margin positions and avoid liquidations.
All exchanges are suspending ETH, ERC20 deposits – so no quick way to add assets to your margin positions this way
TRON network with stablecoin deposits
Thanks for reading all this, stay safe pic.twitter.com/n2EgHZQoqj
— Krisma (@KRMA_0) September 6, 2022
Price Action: At the time of writing, ETH was trading at $1,511, down 7.76% in 24 hours as per data from Benzinga Pro. BTC was trading at $18,710, down 5.38% over the same period.
Image and article originally from www.benzinga.com. Read the original article here.