The digital currency market faced a severe drop due to a combination of new U.S. regulations, weak liquidity, and panic selling, resulting in over $2.2 billion of future trading positions being liquidated. According to CoinGlass data, over 700,000 traders’ positions have been liquidated in the futures market as a result of this crash. The largest liquidation case belonged to the Binance exchange, where a trader lost over $25 million in a contract involving the Bitcoin/Ethereum pair. It is noteworthy that this terrifying liquidation figure surpasses even the liquidation statistics during market crashes due to FTX exchange’s collapse or the COVID-19 crisis. The highest amount of liquidated positions, over $601 million, was related to Ethereum, followed by Bitcoin with $406 million in liquidated positions.
