The crypto market is witnessing a steep liquidation as crypto traders lose some $307 million in the past 24 hours.
The Silvergate Capital debacle took its toll on the market as traders on Binance, the world’s largest crypto exchange by trading volume, saw $104 million of losses, followed by $79 million of losses on OKX and $45 million on Huobi.
Bitcoin traders lost the most, recording $112 million in losses, while Ether liquidations surpassed $73 million.
This liquidation has surpassed the highest daily long liquidation of this year, recording $254 million on Feb. 8.
Bitcoin, the largest cryptocurrency by market capitalization, has plummeted more than 6% in the past 24 hours.