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- Major crypto exchange companies such as BitMEX, Huobi Global, and OKEx are experiencing large scale liquidation on their platforms, which occurred in a few hours.
- The largest liquidation was observed on BitMEX exchange, where $618 Million worth Bitcoin Perpetual contracts were liquidated in just a few hours.
- The liquidity on the exchanges is increasing from the previous record much can’t be said about the volatility it will bring upon the individual assets.
According to insider reports, major crypto exchange companies such as BitMEX, Huobi Global, and OKEx are experiencing large scale liquidation on their platforms, which occurred in a few hours.
The largest liquidation was observed on BitMEX exchange, where $618 Million worth Bitcoin Perpetual contracts were liquidated in just a few hours. OKEx recorded liquidation of $88.42 Million of different assets while Huobi Global observed $27.45 Million worth of crypto assets getting liquidated.
There is no official answer or reason as to why this large scale liquidation is taking place, but many blame the large scale taking over of bears in the market, literally every asset on the crypto market have plunged more than 25% of their asset value previously recorded.
BitMEX crypto exchange saw a trading volume of $7,846,522,329 in the previous 24 hours for BTC and USD pair with 94.80% volume.
However, liquidity has not been portrayed yet. The ETH and USD pair had $397,271,379 in trading volume in the previous 24 hours, while XRP and USD recorded $33,300,318 in trading volume with 0.40% volume. BitMEX has a whole exchange platform has $8,277,094,026 USD in market capitalization value.
The leading Crypto exchange platform, Huobi Global with a market capitalization of $3,292,762,566 saw liquidity of $881,016 for Bitcoin and USD pair with 38.34% volume whereas $760,562 of liquidity was recorded for Ethereum and USD pair with 16.08%, Ripple (XRP) and USD pair saw liquidity of $336,137 on the exchange with 3.00% volume.
The liquidity on the exchanges is increasing from the previous record much can’t be said about the volatility it will bring upon the individual assets. The best possible reason would be that the decreasing market value of individual assets in the current bear market would be the main reason why the assets are getting liquidated or being sold for cash on a large scale.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
