Crypto Sees $242M in Liquidations Within Hours Amid Russia-Ukraine Crisis
Global markets faltered as Russia started a "special military operation" in Ukraine, causing a drastic drop in crypto markets.
Feb 24, 2022 at 6:27 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/IR6KDXFCLJAWVAF7I3JJFM7UMM.png)
Crypto-tracked futures saw nearly $192 million in liquidations in the past few hours. (Coinglass)
Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
Crypto markets saw over $242 million in liquidations in early Asian hours as markets reacted to Russian troops moving further into Ukraine in what Russian President Vladimir Putin called a "special military operation."
- Bitcoin-tracked futures saw $72 million in liquidations – the most among all cryptocurrencies – followed by ether futures at $70 million. Altcoin-tracked futures saw comparatively lesser liquidations than bitcoin and ether, with losses on Solana’s SOL futures reaching $6.46 million, XRP futures reaching $5.18 million, and Dogecoin’s DOGE futures reaching $6.81 million.
- Liquidations in the crypto market happen when a trader has insufficient funds to fund a margin call – or a call for extra collateral demanded by the exchange to keep the trading position funded. They’re especially common in high-risk trading due to the high volatility of assets. It occurs in both margins and futures trading.
- Thursday morning’s moves contributed to over $411 million in liquidations over the past 24 hours. Some 114,700 traders were liquidated, with the largest single liquidation order occurring on OKX, a LINK trade valued at over $3.21 million.
- Crypto exchange OKX saw the highest liquidations at $73 million, followed by Binance’s $48 million and Bybit’s $24 million.
- Over 87% of all liquidated traders were "long’ the market, or betting on higher prices, data from analytics tool Coinglass show.
- The total market capitalization of cryptocurrencies plunged nearly 7.8% in early Asian hours
- Bitcoin dropped nearly 8%, while stock futures in Asia and Europe were down 1.5% on average.
- Russia President Vladimir Putin said in an early morning broadcast the "special military operation" in Ukraine was designed to achieve the “demilitarization and denazification of Ukraine,” as reported.
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.
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