Crypto traders have lost over $100 million in the last four hours of this writing amid leverage position liquidations. The cryptocurrency market crashed by nearly $100 billion in capitalization since April 29’s opening, triggering these liquidations.
Following a high-volatility event, crypto traders registered $101.39 million in losses in a 4-hour time frame. In particular, $96.62 million were from long-position liquidations, drastically punishing the bulls as cryptocurrencies trembled. Finbold retrieved this data from CoinGlass on April 30 at 13:00 UTC.
Notably, Ethereum (ETH) led the losses with $28.47 million worth of collateral compulsively sold in exchanges, while Bitcoin (BTC) has slightly less than $20 million in liquidations in the same 4-hour period.
Liquidation Heatmap and Total Liquidations. Source: CoinGlass
$100 billion erased from crypto as traders got ‘rekt’
On April 29, the cryptocurrency market started with a $2.264 trillion capitalization, according to TradingView‘s total crypto cap index. A day later, the index dropped to as low as $2.165 trillion, with nearly $100 billion in losses from the whole ecosystem.
Fear, uncertainty, and doubt (FUD) surged as the dominating sentiments with crypto traders accumulating massive losses.
Crypto total market cap index. Source: TradingView/Finbold
Interestingly, while some traders panic-sold and closed their positions, others saw this movement as an opportunity for accumulation. However, cryptocurrencies have broken key support levels during the crash, entering a short-term discovery mode. Therefore, the price could drop further in the following days before setting solid grounds for a bounce.
Additionally, investors are now expecting over $4 billion in token unlocks in May, while their eyes are also on the U.S. Federal Reserve’s next interest rate decision, scheduled for Wednesday.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
