Major cryptocurrencies experienced a drop on Monday, with $250 million in the crypto derivatives market facing liquidations.
What Happened: The increase in cryptocurrency prices couldn’t be maintained as we approach the April 10 Consumer Price Index (CPI) release, which is anticipated to be higher than expected.
As a result, major cryptocurrencies experienced a decrease in prices, triggering a wave of liquidations in the derivatives market. This caught bullish traders by surprise, resulting in a surge of long liquidations.
In the past 24 hours, over $242.87 million in long positions have been liquidated in the crypto market, with $152 million wiped out in the past 12 hours. When long derivative positions are liquidated without buying pressure from trading volume, it has a negative impact on asset prices.
A total of 83,164 traders were liquidated, and the largest single liquidation occurred with Ether on OKX, amounting to $7.53 million.
Top Gainer (24 Hour)
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