Crypto Market Liquidation Event Sees $1.84 Billion in Losses

Crypto market participants were dealt a significant blow on Wednesday as a sharp price drop triggered the largest liquidation event since February. According to data from CoinGlass, $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours.

The liquidation event saw long positions taking the majority of the losses, with $1.66 billion being wiped out compared to just $180 million for shorts. This is a near-pure flush of long bets, indicating that many traders had hoped the market would catch up to the global stock rally.