‘Biggest Liquidation in History’

The majority of the losses, approximately $8 billion, came from traders holding ‘long’ positions (betting on rising prices), with a further $1.55 billion lost by those holding ‘short’ positions (betting on falling prices).

The two largest cryptocurrencies bore the brunt: Bitcoin saw $1.37 billion in liquidations, while Ethereum recorded $1.26 billion.

The single largest liquidation event recorded was a staggering $87.53 million on a BTC/USDT pair executed on the HTX platform.

The scale of the carnage prompted at least one market analyst to suggest Friday’s event could represent the “biggest liquidation event in crypto history” in terms of US dollar value.

Bitcoin, the…