Binance saw almost half of the $114M liquidations in the past 24 hours

exchange68September 12, 2024

0 0 1 minute read

Quick Take

Bitcoin has been struggling to regain the $35,000 price level over the weekend, causing a wave of liquidations in the crypto market.

In the past 24 hours, the crypto market witnessed approximately $114 million in liquidations — $66 million on the long side and $48 million on the short side.

Liquidations: (Source: Coinglass) — Liquidations (Source: Coinglass)

Nearly half of the total liquidations — approximately $50 million — took place on Binance. Bitcoin bore the brunt of these liquidations, with over $30 million liquidated, indicating a strong market response to the price fluctuations.

An examination of the liquidation heatmap from Nov. 5 presents an interesting trend: a significant amount of leverage congregated around the $34,400 mark. As Bitcoin touched this level, it resulted in a surge of long liquidations.

Liquidation Heatmap: (Source: Coinglass) — Liquidation Heatmap (Source: Coinglass)

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.