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Cryptocurrency traders faced a staggering $320 million in losses through liquidations over the past 24 hours, as revealed by data from CoinGlass. The sharp decline in crypto prices on Monday was prompted by the Securities and Exchange Commission (SEC) suing giant Binance for alleged violations of securities laws.
During the day, an astounding $289 million worth of long positions, held by traders who had anticipated price increases, were completely wiped out, as reported by Coinglass. This marks the highest level of long liquidations observed in at least three months, reflecting the substantial losses incurred by these traders.
The crypto markets experienced a significant downturn on Monday after the SEC filed a lawsuit against Binance, the leading cryptocurrency exchange in terms of trading volume, and its CEO, Changpeng "CZ" Zhao. The SEC accused them of engaging in activities such as offering unregistered securities, commingling user deposits, and artificially inflating trading volumes.
The tokens mentioned in the lawsuit as unregistered securities, including Binance's BNB, solana (SOL), cardano (ADA), and others, were at the forefront of the decline, experiencing a drop of up to 10% throughout the day. Bitcoin (BTC), the dominant cryptocurrency in terms of market capitalization, dipped below $26,000 for the first time since mid-March, as reported by the CoinDesk Bitcoin Price Index (XBX).
The significant number of liquidations indicates that the unexpected price decline took the majority of investors by surprise. In a span of 24 hours, approximately 119,000 cryptocurrency traders were liquidated, according to Coinglass.
BTC traders accounted for the majority of the losses, totaling nearly $119 million. Ether (ETH) investors experienced losses amounting to $41 million, as the token's price dropped below $1,800. Additionally, approximately $6.5 million worth of BNB trading positions were eliminated as the token experienced a sharp decline.
Based on CoinGlass data, Binance traders were hit the hardest, experiencing losses totaling $105 million, making it the exchange with the highest amount of losses. Following closely behind was OKX with losses amounting to $88 million, and ByBit with $43 million in losses.
