In just 4 hours, traders lost $101 million due to liquidations

Today, in four hours, crypto traders lost more than $100 million due to the liquidation of leveraged positions. Since April 29, the capitalization of the cryptocurrency market has fallen by almost $100 billion, which provoked these liquidations.

More precisely, due to high volatility, crypto traders recorded losses of $101.39 million in just 4 hours, with $96.62 million coming from the liquidation of long positions.

Number one altcoin Ethereum (ETH) led the losses with $28.47 million in collateral forced sold on exchanges, while Bitcoin (BTC) saw just under $20 million liquidated over the same period.

On the 12-hour time interval, twice the volume of liquidation was recorded: losses amounted to $204.56 million, the share of long positions reached $189.92 million. For this reason, over the past 24 hours, crypto traders lost $273.38 million, with long positions also prevailing here.

Binance alone carried out the largest liquidation of the ETH/USDT pair, worth $5 million.

Elimination heat map and total eradication volumes. Source: CoinGlass

According to the general TradingView cryptocurrency capitalization index, on April 29, the cryptocurrency market started with a capitalization of $2.264 trillion. A day later, the index fell to $2.165 trillion, with the entire ecosystem losing almost $100 billion.

Fear, uncertainty and doubt (FUD) grew as traders piled up huge losses.

Cryptocurrency Total Market Capitalization Index. Source: TradingView

During this market downturn, cryptocurrencies broke through key support levels, entering short-term opening mode. It is very likely that the price could fall even further in the coming days, creating a solid basis for a rebound.