Bitcoin Takes a Hit as Crypto Market Records $193 Million in Liquidations

More than 70,000 traders were hit with liquidations over the past 24 hours as the broader cryptocurrency market sustained losses.

The Crypto Market Loses 2.4% of its Value in 24 Hours

The recent data obtained from Coinglass has revealed that more than $193 million worth of liquidations was recorded in the cryptocurrency market over the past 24 hours.

Over the last one hour, more than $7 million worth of liquidations took place in the market. The liquidations have resulted in the total cryptocurrency market cap dropping below the $2 trillion mark a few hours ago.

Bitcoin accounted for most of the losses, with $11.47 million worth of BTC liquidated over the past 24 hours. Ethereum, Cardano, Fantom, and Cosmos complete the top five cryptocurrencies with the highest liquidation.

Bitcoin has struggled below the $45k resistance level over the past few weeks. At press time, BTC is trading at $41,788, up by less than 1% over the past 24 hours.

Fed Rate Hike the Likely Catalyst Behind Market Liquidation

The United States Federal Reserve is expected to announce more significant rate hikes over the coming months. This has resulted in a stronger dollar over the past few days, ultimately affecting the performance of the cryptocurrency market.

According to Coinglass, Binance accounted for most of the liquidations. The cryptocurrency exchange recorded more than $80 million worth of liquidations over the past 24 hours. It is followed by OKEx, with $49 million in liquidations during that period.

Coinglass added that more than 70,000 traders were liquidated over the last 24 hours. The largest single liquidation order happened on Okex, BTC-USDT-SWAP (a total of $3.81M).

If the cryptocurrency market continues to underperform, Bitcoin could lose the $40k support level over the coming hours or days.