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Prashant Jha11 hours agoBitcoin, Ether price slump leads to crypto bloodbath with $1B in liquidationsThe liquidation event saw one trader lose $55.9 million, while another saw $10 million worth of hedged positions get liquidated.5947 Total views21 Total sharesListen to article 0:00NewsJoin us on social networksThe Bitcoin (BTC) and Ether (ETH) price slump on Aug. 18 saw the top two cryptocurrencies fall to a two-month low and triggered a series of liquidations for thousands of derivative traders.


The crypto bloodbath led to billions of dollars worth of hedged positions being liquidated and several traders lost millions of dollars in a single trade.


According to CoinGlass data, a total of 176,752 traders got liquidated over the past 24 hours. 90% of these liquidations took place within the last 12 hours, indicating a rapid rise in price volatility just days after BTC and ETH recorded their lowest daily volatility in several years.Crypto market liquidation data. Source: CoinGlass


Among the sea of traders who lost a significant chunk of their derivative positions, two particular liquidations caught the crypto community’s eye for the sheer scale of it. During the price slump, an investor on Binance’s ETHBUSD contract was liquidated at $1,434.37 losing $55.9211 million, making it the largest liquidation for the day. Another Binance trader on the BTCUSDT contract lost nearly $10 million in liquidations.


Related:Bitcoin speculators now own the least BTC since $69K all-time highs


The billion-dollar liquidation is the biggest liquidation event in crypto in the past eight months, after the last such event during the FTX collapse.Biggest liquidation event of 2023. Source: TradingView


The price function in the crypto market was attributed to several factors, including the SpaceX Bitcoin write-down and the macroeconomics, where BTC and ETH have been trading in a range for the past couple of months.


BTC held onto the key $28,000 support for a couple of months, while ETH held the $1,500 support before giving in on Aug. 17. The liquidity in the crypto market has been on the lower side, and prominent crypto exchanges, such as Coinbase, had seen a significant decline in their trading volume.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine:Deposit risk: What do crypto exchanges really do with your money?# Bitcoin# Cryptocurrencies# Ethereum# Bitcoin Price# Cryptocurrency Exchange# LiquidityAdd reactionAdd reactionRead moreWho invented NFTs?: A brief history of nonfungible tokensCrypto Stories: eToro co-founder Yoni Assia’s life in finance led him to adopt crypto earlyWhat is Chapter 11 bankruptcy? Understand the basics

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