1. October 2023

$130 Million in Crypto Liquidations as Traders Take Advantage of FOMC Rally

1 min read

• Crypto market liquidations have exceeded $130 million in the last 24 hours.
• Over 47,000 traders have seen their positions liquidated with the market rally.
• Bitcoin, Ethereum, Aptos, Solana, and Optimism have seen the most liquidations.

The crypto market has been on a roll in the last 24 hours, receiving favorable news from the FOMC announcement. This has caused Bitcoin to break above the $24,000 mark and the liquidations to ramp up as traders took advantage of this. According to data from Coinglass, the volume of liquidations has now crossed the $130 million mark, with over 47,000 traders affected in the process.

Of the traders affected, 72.96% were short traders, with the majority of liquidations taking place on the Binance crypto exchange at 48.34%. Bybit came second with 19.37% and OKX followed closely behind at 14.96%. The largest single liquidation occurred on the Bybit exchange on the BTCUSD pair, worth $1.69 million.

When it comes to individual cryptocurrencies, Bitcoin was the biggest loser with over 1,670 BTC liquidated worth $39.67 million. Ethereum followed behind, with 20,560 ETH liquidated with $34.31 million, as the price of ETH rocketed past $1,660. Other notable liquidations included Aptos with $6.10 million, Solana with $4.05 million, and Optimism with $2.95 million.

It’s clear that the FOMC announcement has been a beacon for the crypto market to rally and the liquidations have been a direct result of this. As the market continues to move up and more traders take advantage of the rally, the liquidations are likely to keep rising as well.

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