Crypto Market Sees $1.03 Billion in Liquidations Amid Major Crash
On August 14, the cryptocurrency market shifted from bullish to bearish, leading to significant liquidations, primarily affecting long-position traders. Key facts include:
- Total liquidations reached $1.03 billion in 24 hours, with nearly $700 million occurring in just four hours.
- Approximately 80% of liquidations involved long positions, totaling $787.5 million.
- Over 215,000 traders were affected; the largest loss was $6.5 million on the ETH/USDT pair on OKX.
- Ethereum accounted for $322 million in liquidations, around one-third of total losses, while Bitcoin represented about 20%.
Overall, cryptocurrencies lost over $264 billion in market capitalization, dropping from $4.17 trillion to $3.91 trillion. This decline followed disappointing inflation data—July PPI at 3.3% versus an expected 2.5%, and core PPI at 3.7% against a 2.9% forecast—impacting trader sentiment ahead of the Federal Reserve's upcoming decisions.
Liquidation Heatmap and Total Liquidations | Source: Coinglass
Crypto Total Market Cap Index (CRYPTOCAP:TOTAL 1) | Source: TradingView