The price action in the past day has shocked Bitcoin investors as the cryptocurrency has taken a plunge, erasing all the asset's recovery in the last week.
The cryptocurrency derivatives market has seen a large number of liquidations in the past day as Bitcoin has crashed to $59,000. According to data from CoinGlass, the total cryptocurrency market liquidations have stood at $319 million in this window. Of this, $261 million of the liquidations have come from the long contract holders, representing over 80%.
The disproportionality between longs and shorts makes sense, as most of the derivatives flush has occurred because of the crash that Bitcoin and others have observed during this period. Regarding the individual contribution towards these liquidations by the various symbols, Bitcoin and Ethereum, the two largest coins in the space, have also come out on top.
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