24-Hour Cryptocurrency Perpetual Contract Forced Liquidation Volume Hits Millions

24-Hour Cryptocurrency Perpetual Contract Forced Liquidation Volume Hits Millions

Over the past 24 hours, there has been a significant amount of forced liquidations in the cryptocurrency perpetual contract market, with Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) accounting for the majority of the liquidations. BTC: $56.22 million (Long $42.15 million, Short $14.07 million) Liquidation rate: Long 74.97% ETH: $53.04 million (Long $44.76 million, Short $8.28 million) Liquidation rate: Long 84.39% SOL: $8.11 million (Long $7.31 million, Short $0.80 million) Liquidation rate: Long 90.05% These forced liquidations occur when a trader's position is closed by the exchange due to insufficient margin to cover losses. The high liquidation volume indicates that many traders were caught off guard by the recent market volatility and were unable to meet their margin requirements. The majority of liquidations were on long positions, indicating that traders were betting on the price of the cryptocurrencies to rise. However, the recent market downturn has caused the prices of these cryptocurrencies to fall, resulting in losses for many traders. The high liquidation volume is a reminder of the risks involved in trading cryptocurrencies, especially using leverage. Traders should always be aware of the risks and manage their positions accordingly.