Traders Lose $428M per Day Due to BTC Crash

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There have been large liquidations of margin positions of users of crypto exchanges on the market of digital assets after the price of Bitcoin fell to its lowest since February when it hit $35,500.

According to Coinglass, crypto traders lost $430 million in just 24 hours as a result of forced closure of margin positions. More than 112,000 cryptocurrency exchanges users suffered losses, and the largest single liquidation was seen in Bitcoin pairs and amounted to as much as $3.7 million.

BTC pairs accounted for the most losses with $201 million, whereas Ethereum came in second place with $69 million in liquidations. 86% of the forcibly closed positions were long. This means they were opened in anticipation of market growth.

On the evening of May 5, Bitcoin fell to its lowest since February 24 at $36,300.