The recent volatility in the Bitcoin (BTC) markets has left both bulls and bears facing significant liquidations, with almost $223 million in 24-hour margin calls on leading derivatives exchange BitMEX being evenly spread between BTC shorts and longs.
As of when this story was published, a little over $111.5 million, or 50.04% of the total was liquidated in the form of Bitcoin longs, while shorts represented $111.3 million, or 49.96% of liquidated positions, according to Cryptometer.
Altcoin liquidations brought the total to $230 million.
Both shorts and longs hit on BitMEX
Shorts were initially hit heavily as BTC gained over 8.78% in just four hours as prices rallied from $9,560 into new recent highs just shy of $10,400 heading into the early hours of June 2.
However, the break into five-figure prices would prove to be short-lived, as roughly 14 hours of tight consolidation near $10,200 gave way to a violent drop that saw Bitcoin shed roughly 10% in less than four minutes as prices plummeted down to $9,150.
BTC/USDT on Binance 1H Chart: TradingView
The last ten hours have seen tight range-bound consolidation between $9,400, and $9,550, with many traders anxiously awaiting Bitcoin’s next major move.
Exchange outages persist amid price crash
Top United States-based exchange Coinbase went offline like clockwork as prices rallied above $10,000, with Twitter user ‘cryptorecruitr’ asking the firm: “How does an exchange with an $8 billion valuation crash every time Bitcoin pumps 5%? I would genuinely like to know.”
‘AndySpqr’ added: “Crypto prices rise and once [email protected] shows error msgs to people trying to access funds. I would highly suggest when you get in, get those funds off that exchange. It’s a complete s**t show.”
Altcoin liquidations overwhelmingly long
Despite both sides of the Bitcoin market suffering heavily amid yesterday’s volatility, Ether (ETH) and Ripple (XRP) longs represented nearly 88% percent of each market’s respective 24-hour liquidations on BitMEX.
Roughly $3.65 million in bullish ETH positions were wiped out, while $1.74 million in XRP longs were liquidated overnight.