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$200 Million In Crypto Longs Wiped Out As Altcoins Crash To Start Week
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

$200 Million In Crypto Longs Wiped Out As Altcoins Crash To Start Week

Keshav Verma
Keshav Verma
3 months ago
2 mins read
Altcoins Crypto Liquidations

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Data shows that the cryptocurrency derivatives sector has seen a high amount of liquidation during the past day as Ethereum and other altcoins plunged.

Altcoins Have Just Witnessed Massive Long Liquidations

According to data from CoinGlass, liquidations have piled up on the cryptocurrency futures market in the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes after it has accumulated losses of a certain degree.

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When a large amount of liquidations occur at once, the event is popularly known as a squeeze. The chances of a squeeze taking place come down to two factors. The first is naturally the volatility, as a larger swing in the price would mean a wider span of contracts gets pushed into the red.

The other factor is leverage, a loan amount that derivatives market traders can opt to take against their initial collateral. Leverage is often many times the position itself, so the benefit of having it is that any profits earned are multiplied by the same factor. But as this also applies to losses, it’s easier to get liquidated with leverage if the bet doesn’t work out.

In the cryptocurrency sector, assets can often be volatile and positions tend to be overleveraged, so a squeeze can occur from time to time. During the past day, the market has once again seen a surge in volatility, which has led to yet another liquidation squeeze. Here is a table that breaks down the relevant numbers related to this event:

Altcoins Liquidations
Looks like the liquidations have heavily tended towards long contracts | Source: CoinGlass

As is visible above, the cryptocurrency derivatives sector has registered a total of $268 million in liquidations during the last 24 hours. Out of these, $217 million of the positions involved were bullish bets.

The long contract holders taking the brunt of the liquidations is naturally down to the fact that the altcoins have gone through a price crash inside this window.

Now, here is a heatmap that displays how the contribution to the squeeze has looked from the individual assets:

Altcoins & Other Cryptos
The distribution of the liquidations across the individual symbols | Source: CoinGlass

Generally, Bitcoin (BTC) tops this list, but it would appear that the number one cryptocurrency has failed to make even the top two this time around. This is due to the fact that the coin has seen relatively flat movement during this crash of the altcoins.

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Ethereum (ETH), the largest among the altcoins, has provided the largest share of liquidations at $56 million. Solana (SOL), which has faced the worst decline among the top 10 digital assets of 6%, has come second at $33 million.

ETH Price

Ethereum made some recovery during the weekend, but it seems the coin has already retraced those gains to start the new week as its price has gone down 4%, dropping to $2,700.

Ethereum Price Chart
The trend in the price of the altcoin over the past day | Source: ETHUSDT on TradingView
Featured image from Dall-E, CoinGlass.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
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The highest standards in reporting and publishing
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