Crypto traders have endured about $307 million worth of liquidations in the past 24 hours, data from Coinglass shows, as crypto markets came under pressure Thursday with news of crypto-friendly bank Silvergate Capital (SI) winding down operations.
Traders on Binance, the world’s largest crypto exchange by trading volume, saw $104 million in losses, the most of the exchanges, followed by $79 million in losses on OKX and $45 million on Huobi, according to Coinglass.
Bitcoin (BTC) traders suffered the most losses, around $112 million, while ether (ETH) liquidations exceeded $73 million.
Of the liquidated trading positions in the last 24 hours, about $282 million were longs, betting on higher prices. This is larger than this year’s highest daily liquidation, with a withdrawal of $254 million on Feb. 8, according to Coinglass.
Rising long liquidations suggest the sudden plunge in cryptocurrency prices caught investors off guard. BTC, the largest cryptocurrency by market capitalization, is down more than 6% in the past 24 hours, reaching its lowest level in seven weeks at around $20,050 earlier today. Popular altcoins dogecoin (DOGE) and tron (TRX) led to the price drop.
The recent drop comes amid growing concerns about the stability of Silvergate Bank, a key banking partner for digital asset firms. After suffering massive losses and dwindling deposits, the bank announced Wednesday evening that it will “voluntarily liquidate” its assets and cease operations.
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