More than 100,000 traders lost over $360 million in cryptocurrency markets over the last 24 hours as prices tumbled, as per data from CoinGlass.
What Happened: Bitcoin’s (CRYPTO: BTC) price saw a sharp decline on Tuesday — from above $22,618 to around $20,062 — at the time of writing, after U.S. inflation data for August came in higher than expected, sparking fears of aggressive rate hikes.
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Unsurprisingly, the apex coin saw the most liquidations, worth $134 million, followed by Ethereum (CRYPTO: ETH), which saw $128 million worth of liquidations.
The single largest liquidation order took place on cryptocurrency exchange OKX on an ETH/USD swap pair worth $2.10 million.
Traders in long positions were hurt the most, with $273 million longs liquidated across all major exchanges. Only $88 million worth of shorts were liquidated over the last day.
Altcoins like Ethereum Classic (CRYPTO: ETC), Solana (CRYPTO: SOL) and Terra (CRYPTO: LUNA) saw larger-than-normal daily liquidations worth $9.75 million, $7.9 million, and $4.28 million, respectively.