Almost $200 million worth of orders are getting wiped out from the market as cryptocurrencies recover

Bitcoin price hit $42,000 on March 9 as an impressive overnight candle saw bulls reclaim support levels. More than $95 million worth of short positions were liquidated. Not to mention the volume of liquidation orders in the market has reached nearly $200 million. At the time of writing, BTC is changing hands at $42,205.

almost-200-million-worth-of-orders-are-getting-wiped-out-from-the-market-as-cryptocurrencies-recover

BTC/USD 4-hour chart | Source: TradingView

$175 million worth of orders liquidated on crypto market as Bitcoin price rallies to $42,000

According to CoinGlass, the liquidation volume in the last 24 hours has reached $183 million. As the Exchange Liquidation table suggests, OKEx once again became the largest liquidation volume provider on the market with $72 million orders wiped out. Reportedly 76% of those orders were shorts (sell).

almost-200-million-worth-of-orders-are-getting-wiped-out-from-the-market-as-cryptocurrencies-recover

Source: CoinGlass 

Almost 88% of traders betting against an increase in crypto prices booked losses as exchanges closed leveraged positions due to partial or total evaporation of the trader’s initial margin

Bitcoin orders remain the most widely liquidated position on the market. Second place goes to Ethereum, with $42 million worth of orders wiped out in the last 24 hours. While the liquidation volume remains relatively high, it is still far behind the record-breaking liquidation tick observed on Jan. 21, when the market faced almost $1 billion of long liquidation volume in 24 hours.

The losses stemming from short positions contributed to a total of $114 million in liquidations, affecting nearly 46,700 individual trading accounts.

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