Crypto traders have seen about $307 million in liquidations in the past 24 hours. Information Crypto markets tumbled Thursday on news that crypto-friendly bank Silvergate Capital (SI) is winding down operations from Coinglass shows.
Traders saw losses of $104 million on Binance, the world’s largest crypto exchange by trading volume, the most among exchanges, followed by losses of $79 million on OKX and $45 million on Huobi for Coinglass.
Bitcoin (BTC) traders suffered the most losses, around $112 million, while Ether (ETH) liquidations exceeded $73 million.
Of the trading positions liquidated in the last 24 hours, 282 million dollars were bet at the highest price. That’s bigger than the highest daily long liquidation of the year, which was recorded on Feb. 8 at $254 million, according to CoinGlass.
Rising long liquidations suggest that a sudden nosedive in cryptocurrency prices has caught investors off guard. BTC, the largest cryptocurrency by market capitalization, has fallen more than 6% in the past 24 hours, and earlier in the day, hit its lowest level in seven weeks at around $20,050. Popular altcoins dogecoin (DOGE) and tron (TRX) led the price decline.
The latest decline comes as concerns over the stability of Silvergate Bank, a major banking partner of the digital asset firm, mount. After heavy losses and dwindling deposits, the bank announced on Wednesday evening that it would “voluntarily liquidate” its assets and shut down operations.
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