Crypto Traders Lose $600M in 24 Hours With Bitcoin Dragging Crypto Market Down

The Bitcoin crash recently has dragged the entire crypto market down, with over $300 billion erased from the total capitalization since July 3. In the last 24 hours, over 230,000 crypto traders lost more than $660 million in long-squeeze liquidations. The long squeeze affected 233,088 traders, and Binance‘s ETH/USDT pair had the largest order, with $18.48 million. Bitcoin liquidated over $212 million from traders, while Ethereum liquidated $167 million, representing 32% and 25% of the total liquidations, of which 85% were from longs. Furthermore, speculators wonder if Mt. Gox repayments can drive Bitcoin’s price below $50,000.