Cryptocurrency Crisis: More than $ 1bn in cash in 24 hours

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The cryptocurrency market has seen a massive sell-off in the past 000 hours, triggered by the recent crash of Bitcoin (BTC) under 30. 000 $. As a result, the positions of hundreds of thousands of cryptocurrency traders were liquidated. For example, Coinglass data shows that over $ 1 billion worth of trading positions have been wiped out in the last few 24 hours. Several million dollars wiped out Traders who they expected a rebound were hardest hit by the correction as nearly 750 millions of dollars in long positions were liquidated on the last day. Volatility also impacted those who bet cryptocurrencies would fall straight, as nearly 200 millions of dollars in short positions were swept. away in the same period. With the bearish momentum taking over the cryptocurrency markets, traders looking to do business with Ethereum (ETH) suffered the largest liquidations on May 9 at 152. 380 ETH for a value of almost 340 Millions of dollars. At the time of writing, however, the price of Ethereum has recovered slightly and stands at 2. 379 dollars. Bitcoin was also affected by the crash Bitcoin traders were also not spared from the market crash, as 11. 040 BTC for a value of 333, 53 millions of dollars are been decimated when the queen coin plummeted below the psychological threshold of 30. 000 dollars, a level it hasn’t seen since July 2021. At number three the Terra decentralized financial payment network (LUNA) arrives. Coinglass reports that 1, 97 million LUNA, for a value of more than 55 millions of dollars have been liquidated. This was likely related to problems the project was experiencing with its stablecoin (UST). More information on this will follow. Overall, several major traders were surprised by the collapse of BTC below 30. 000 $. Bitcoin is currently back at 31. 500 $. However, there are still doubts as to whether the fund has actually been reached or not.