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The cryptocurrency market commenced the new year at a sluggish pace, with over 99,000 traders experiencing liquidations totaling approximately $225 million within the last 24 hours.
According to data from Coinglass, traders anticipating further price increases suffered the majority of the losses, amounting to around $135.70 million in liquidations. Conversely, traders with bearish outlooks—those taking short positions—incurred losses of $87.81 million during this timeframe.
Notably, the lesser-known Tellor Tributes’ TRB token was responsible for a significant portion of the losses. Traders holding positions in this digital asset accounted for more than 32%, or $73.14 million, of the overall liquidations.
The liquidations of TRB coincided with a 36.2% drop in its value, as the digital asset surged from $200 to over $600 before plummeting to approximately $187 at the time of reporting.
The reasons behind the substantial volatility in TRB’s price during this period remain unclear.
In the meantime, traders speculating on the prices of the leading two digital currencies by market capitalization—Bitcoin and Ethereum—lost a combined total of $22.96 million.
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Throughout the reporting period, Bitcoin remained relatively stable, increasing slightly by 0.51% to $42,758.
This price movement occurs amid market optimism regarding a potential approval for a spot exchange-traded fund (ETF) in the U.S. Reports suggest that the Securities and Exchange Commission (SEC) may begin approving some of these applications as early as January 2 and 3.
In contrast, Ethereum’s price declined by 0.36% to $2,306 at the time of reporting.
Traders speculating on the prices of other major cryptocurrencies, including Solana, ORDI, and XRP, also faced losses of $7.98 million, $7.58 million, and $1.1 million, respectively.
Crypto traders utilizing the troubled Binance platform accounted for nearly 50% of the total market losses. Users of the exchange lost $94.76 million over the past day, with the largest single liquidation order being a $3.07 million long position on Ether.
Traders on OKX were liquidated for $76.6 million, while those on ByBit and HTX collectively lost nearly $50 million.
The post New year begins with $225M in crypto market liquidations appeared first on CryptoSlate.
