Key Point

  • A bitcoin flash crash that saw the price of the coin dip to $25K levels has seen over $1 billion in both longs and shorts liquidated
  • The crash now stands as one of the biggest ever in the liquidations history of the coin

Crypto traders are left counting huge losses as $1.04B in liquidations happened over the last 24 hours as the price of Bitcoin fell to $25,200.

Bitcoin crash liquidates both shorts and longs at a record rate

The recent flash crash of the coin caused its futures market to become highly unstable, claiming over $1 billion in liquidations for both shorts and longs positions. 

Per data from the on-chain analytics platform Crypto Rank, traders at OKX had the highest hit accounting for $332M of total liquidations, while Derbit followed closely with $273M in liquidations. At the same time, Binance had $218M, Huobi had $107M, and Bybit came fifth with $56M in liquidations.

At the time of writing, the coin’s price was still not fully recovered as it traded at $26,300. The coin still has a low trading volume though it is showing recovery signs; however, it is not promised to fully recover in the coming hours as weekend bearish sentiment may be setting in. Do your own research and trade accordingly.

Keep watching Fintech Express for more market updates and other fintech-related developments.