OKX and Binance Lead the Way in $137M Crypto Liquidation as Market Stumbles
The crypto market experienced a significant drop in the last 24 hours, leading to over $137 million worth of liquidations. The market drop was triggered by the fall of Bitcoin (BTC) price by -2.49%, which led to most altcoins experiencing a price fall.
According to Coinglass data, over $137M worth of crypto were liquidated in the last 24 hours, with BTC and Ethereum (ETH) accounting for the most significant chunks of the liquidation. BTC contributed $62.9 million to the liquidation, accounting for over 45% of the total amount, while ETH contributed $31.53 million.
The remaining altcoins recorded almost $2 million in liquidations each. Most of the liquidations were from long positions, with OKX and Binance leading in the number of liquidations.
OKX, a leading cryptocurrency exchange, facilitated the most significant amount of liquidations, accounting for $47.63 million, which represented 34.71% of the total amount liquidated in the last 24 hours. Binance came in a close second, facilitating $45.39 million worth of liquidations.
The market drop affected 91 coins, with XinFin (XDC), SingularityNET (AGIX), and Stacks (STX) recording the largest price decreases at -6.68%, -6.37%, and -5.71%, respectively.
Apart from BTC, which lost -2.49% of its value, other top cryptocurrencies also experienced significant price falls. ETH, the second-largest cryptocurrency by market capitalization, lost -3.05% of its value. XRP (XRP) and Cardano (ADA) lost -2.83% and -5.4%, respectively. Solana (SOL), one of the best-performing cryptocurrencies this year, lost -5.4% of its value.
Despite the overall market drop, CryptoSlate data shows that the media sector recorded a 16.77% growth in the last 24 hours. The media sector includes cryptocurrencies like Theta (THETA), BitTorrent (BTT), and Chiliz (CHZ), which have been gaining popularity lately due to their use cases in the entertainment industry.
Theta, a decentralized streaming platform, saw its price surge by 22.33%, while BitTorrent, a peer-to-peer file-sharing platform, recorded a 25.52% increase in price. Chiliz, a blockchain-based platform that powers sports and entertainment ecosystems, recorded a 3.14% increase in price.
The media sector's growth is a significant development, indicating that some cryptocurrencies are immune to market crashes, as they have unique use cases and value propositions. While the overall market drop is a cause for concern, the growth in the media sector is a bright spot for investors and traders who have invested in these cryptocurrencies.
Overall, the crypto market's volatility remains a concern for investors and traders, given the market's sensitivity to news and events. It is advisable to exercise caution when investing in cryptocurrencies and to ensure that you have a well-diversified portfolio to mitigate risks. However, the growth of the media sector is a positive development, indicating that some cryptocurrencies have a bright future ahead.
