More than $1.7 billion was liquidated in the past 24 hours after the market tanked. The digital assets are currently in recovery mode as the bleeding takes a breather.
According to Bybt, a cryptocurrency futures trading and information platform, 279,785 traders were liquidated in the past 24 hours.
The single largest liquidation order valued at $21.5 million in bitcoin happened on Huobi exchange.
Nearly $1.8 billion in losses
Bitcoin reached a new high of $49,531 late on Valentine’s Day as traders crossed their fingers in the hope that the leading digital asset would break the $50,000 mark.
The excited and optimistic traders went in on long positions as the digital asset looked to reach another historic peak.
But the crypto market was in a mood of its own. The chances of getting to $50K faded – at least momentarily – as bitcoin’s price took a knock and dipped below $46K on Feb. 15.
The downturn led to liquidations. Traders suffered losses worth nearly $1.8 billion in the last 24 hours.
XRP traders caught off-guard
XRP traders were dealt a big blow after the embattled coin took a tumble. The digital asset lost more than 50% of its value after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Ripple over the illegal sale of XRP tokens.
While XRP seemed to be on a recovery path, piggybacking on the bitcoin’s streak, the token pulled back from a high of $0.6.
Traders lost almost $100 million as they placed their bets on XRP’s revival.
Other cryptocurrencies that took a dive include EOS and the high-flying Litecoin and Cardano.
Litecoin peaked at $219 today and plummeted to a low of around $192 before recovering to $208.
Cardano tanked from $0.87 to $0.72 but managed to mount a strong comeback as it trades near $0.87.
The digital asset, which is now the fourth-largest cryptocurrency by market cap, is targeting to reach $1 per coin.
Several liquidations in 2021
This figure is the third-highest figure for liquidations since the turn of the new year. On Jan. 10, bitcoin tanked from $41,000 to $30,000. Traders long on the digital asset were set back $2.5 billion.
This happened on the same day that Ether’s price fell from a peak of $1,350 to $900.