Binance's CZ Addresses Crypto Crash As Long Liquidation Breaches $343 Million

Also Read: Binance CEO Refers SEC’s Chat Evidence In Internal Staff Letter

Long Position Liquidations Lead Crypto Crash

As per the Coinglass data, more than 184k traders were liquidated in the last 24 hours. The total liquidation registered comes in at $387 million. Bitcoin, the world’s largest crypto witnessed most of the liquidation (approx worth $50 million) over the past day.

Data depicts that out of the cumulative liquidation of $387 million, 88% of the liquidation (approx worth $343 million) turns out to be long positions. While just $43 million worth of shorts were liquidated. This suggests that traders were betting on the market gains. However, Binance registered $151 million worth liquidation in the last 24 hours, where $129 million worth of long positions were liquidated.

The digital asset market witnessed a broad sell off as the biggest cryptos like Polygon (MATIC) and Solana (SOL) prices dropped by a massive 25% and 22%, respectively. Read More Crypto News Here…

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Coinglass data
Source: Coinglass Data

CZ Dispersing FUD?

Changpeng Zhao, Binance Chief addressed the crypto crash stating that no one really knows why the market is going up or down. However, a lot of people claim to know the real reason and will often tag it to a single often wrong reason. He added that there are many traders in the market and everyone may have their own reason.

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