Bitcoin’s Sunday Flash-Crash Causes $10B Cryptocurrency Liquidations

Following the Sunday Price Drop, Cryptocurrency’s Total Market Cap witnessed a $4B Drop
  • Bitcoin price had a near $10,000 drop to $50,900 on the Binance exchange.
  • In the last 24 hours, the crypto-market made a record liquidation of over $10B, the single biggest daily liquidation event.
  • Bitcoin did account for most liquidations, but altcoins suffered too.

This Sunday witnessed a flash crash in Bitcoin price, kindling large-scale liquidations across the network, causing the total market capitalization to drop by almost $4 billion.

Bitcoin Price-Drop

Bitcoin’s Saturday price of around $62,000 had a colossal near $10,000 drop from fluctuating $59,000 to $51,573.99. Since early March, the token hit its lowest $50,900 on the Binance exchange. Despite the coin recovering some of the drops, it is still down over 9% on the day.

Record Liquidation 

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Based on the reports from Bybt, the overall cryptocurrency market made a record liquidation of more than $10 billion in just the last 24 hours, of which more than $5.3 billion came from Bitcoins.

Of the one million positions that were wiped off the books, which attributed to the $10 billion liquidations, the single biggest position was a BTC trade on Binance, which lost $68.73 million. In terms of liquidation, Binance was at the top attributing over 49%, i.e., $4.94 billion of losing positions. The second position was then acquired by Huobi, a Seychelles-based cryptocurrency exchange, with 17% or $1.72 billion of the liquidations.

Replacing the March 15 BTC dump from $60,000 to $55,000, causing $2.4 billion in liquidations, the Sunday flash crash has become the single biggest daily liquidation event.

Bitcoin wasn’t the only one affected

Admittedly, Bitcoin did account for most liquidations, but it wasn’t the only coin that suffered. Ethereum reported a loss of $1.16 billion, and for XRP, it was $496 million. Dogecoin, Cardano’s ADA, and Filecoin had liquidations in the range of $205 million to $183 million, respectively. Altcoins, including XRP, BCH, LTC, and DOT, saw an above 20% decline. Each of the top 10 tokens saw a double-digit drop on Sunday. 

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Ritika Sharmahttp://www.thecoinrepublic.com
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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