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Crypto Suffers $1.6 Billion Liquidations As XRP, DOGE Down 10%
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Crypto Suffers $1.6 Billion Liquidations As XRP, DOGE Down 10%

Keshav Verma
Keshav Verma
5 months ago
2 mins read
Altcoins XRP & Dogecoin

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Data shows the cryptocurrency market has registered large liquidations in the past day as altcoins like Dogecoin and XRP have crashed.

Cryptocurrency Derivatives Market Has Just Seen Massive Long Liquidations

According to data from CoinGlass, a mass amount of liquidations have piled up over on the derivatives side of the cryptocurrency sector during the last 24 hours.

“Liquidation” here refers to the forceful closure that any open contract undergoes when its bet fails enough to accumulate losses equal to a certain degree (the exact value of which may differ between platforms).

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Below is a table that breaks down the relevant numbers related to the liquidations from the past day.

XRP & Crypto Liquidations
Looks like the liquidations have heavily tended towards long contracts in this window | Source: CoinGlass

As is visible, there have been total liquidations of cryptocurrency-related contracts worth a whopping $1.56 billion in the past day. The long holders were involved in an overwhelming majority of this flush, with liquidations associated with them standing at $1.39 billion (almost 90% of the total).

The reason behind the large liquidations is the crash that the altcoin market has faced during this window, with many popular coins like XRP and Dogecoin being down double digits.

It would appear that many traders had set up bullish positions on the market, hoping that the recent momentum led by Bitcoin’s exploration to new highs would continue shortly. BTC has interestingly managed to limit its losses to just 2%, but evidently, the rest of the market hasn’t been so lucky.

As for which of the assets was responsible for the most liquidations, the below heatmap shows it.

XRP & Dogecoin Vs Other Cryptos
Ethereum appears to have led this mass liquidation event | Source: CoinGlass

Usually, Bitcoin leads the market liquidations, but it appears the second largest cryptocurrency by market cap, Ethereum has instead contributed the most towards the flush with $229 million in positions.

Dogecoin and XRP have followed BTC’s $173 million liquidations with flushes of $88 million and $68 million, respectively. Their large liquidations are likely due to their popularity and the notable scale of drawdown they have seen.

It would also seem that the speculative interest in the sector has been so deep recently that the small cap assets (referred to as ‘others’ in the heatmap) have added up to a massive $496 million liquidation.

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Analyst Sets $4.40 XRP Target As 3rd-Straight Bull Pennant Forms

5 months ago

Mass liquidation events aren’t particularly rare in the cryptocurrency sector, but today’s flush has been extraordinary even for the market’s standards.

These events happen from time to time because coins across the board generally display notable volatility, and a lot of speculators opt for risky amounts of leverage. These two conditions have been particularly pronounced recently, which is why the derivatives sector has exploded in this fashion.

XRP Price

At the time of writing, XRP is trading around $2.09, down almost 15% in the last seven days.

XRP Price Chart
The price of the coin has been going down recently | Source: XRPUSDT 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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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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