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Daily volume of crypto liquidations nears $140 million

Between February 13 and February 14, 2024, the cryptocurrency market witnessed a significant rise in liquidations, totaling approximately $140 million in losses.

According to data from CoinGlass, a total of 45,965 traders saw their positions liquidated within a span of 24 hours. The liquidations resulted in losses of around $91 million from long positions and nearly $49 million from short positions.

Crypto liquidations daily volume approaches $140m - 1
Source: CoinGlass

It is notable that the majority of liquidations occurred on trading pairs involving Bitcoin (BTC) and Ethereum (ETH), accounting for losses of $42.06 million and $35.55 million, respectively.

One of the largest liquidations, amounting to $4.69 million, was recorded on the Binance cryptocurrency exchange. The platform also saw the highest volume of traders closing their positions daily, reaching close to $70 million.

Crypto liquidations daily volume approaches $140m - 2

The price fluctuations experienced by Bitcoin during the day coincided with the release of inflation data in the United States. The U.S. Department of Labor reported that the consumer price index (CPI) in the country for January 2024 showed an annual increase of 3.1%, exceeding experts’ expectations of 2.9%.

Following this inflation data release, Bitcoin’s value witnessed a decline, dropping to $48,400. At the time of writing, the leading cryptocurrency is trading around $49,640, with trading volumes also decreasing by 13% to $33.9 billion.

Crypto liquidations daily volume approaches $140m - 3
Source: CoinMarketCap

Furthermore, a closer look at the top 10 most capitalized cryptocurrencies reveals that all coins, except stablecoins, exhibited negative price movements within the last 24 hours.

The recent surge in liquidations and the market dynamics underscore the volatility and sensitivity of the cryptocurrency space to external factors such as economic data releases and investor sentiment. As traders navigate these fluctuations, it is essential to stay informed and agile in response to market developments.

In conclusion, the cryptocurrency market’s reaction to inflation data and subsequent liquidations serve as a reminder of the sector’s inherent risks and opportunities. As the industry continues to evolve, strategic risk management and market awareness will be paramount for traders and investors alike.

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