Crypto speculators lost $307 million in the last 24 hours, according to Coinglass statistics, as crypto markets crashed Thursday on reports that crypto-friendly bank Silvergate Capital (SI) was closing its doors.
According to Coinglass, traders on Binance, the world’s biggest crypto exchange by trading volume, lost $104 million, the most among exchanges, followed by $79 million on OKX and $45 million on Huobi.
Bitcoin (BTC) dealers lost the most money, almost $112 million, while ether (ETH) liquidations exceeded $73 million.
Around $282 million in cancelled trading positions in the last 24 hours were longs, speculating on rising prices. According to Coinglass, this is more than the greatest daily long liquidation of the year, which was $254 million on Feb. 8.
Rising long liquidations show that the unexpected drop in bitcoin prices took investors off guard. BTC, the biggest cryptocurrency by market value, has dropped more than 6% in the last 24 hours, reaching its lowest level in seven weeks earlier in the day at about $20,050. Dogecoin (DOGE) and Tron (TRX), two popular cryptocurrencies, have led the price
The bitcoin markets had one of their best starts in 14 years, recouping some losses following the bankruptcy of crypto exchange FTX. Bitcoin briefly surpassed $25,000 in February after beginning the year at about $16,600.