Cryptocurrency assets worth hundreds of millions of dollars are being sold off as the price of the most valuable digital asset, Bitcoin (BTC), falls by 10%.
According to recent statistics from market intelligence company CoinGlass, despite a severe decline in the cryptocurrency markets, positions worth almost $601.20 million in cryptocurrencies have vanished over the past 24 hours.
BTC-related positions are those that are most impacted, followed by top altcoin Ethereum (ETH). According to Coinglass, bets in Bitcoin worth $223.06 million have been liquidated in the last day, while positions in Ethereum have lost about $162.48 million in value.
At the time of writing, the price of Bitcoin is $21,401, down 8.85% from the previous day, while the price of Ethereum is $1,699.
Other significant digital assets that experienced massive sell-offs include the decentralized storage network Filecoin, the scalable smart contract blockchain Solana, and Ethereum Classic (ETC) (FIL). Liquidations for the virtual assets totaled $25.68 million, $14.86 million, and $12.44 million, respectively.
Positions in Dogecoin (DOGE), the Ethereum scaling solution Polygon (MATIC), the smart contract blockchains Cardano (ADA), Avalanche (AVAX), EOS, the decentralized blockchain oracle Chainlink (LINK), and XRP have also seen liquidations amounting to between four and ten million dollars over the past day.
This is the biggest amount of liquidations since June 13, when cryptocurrency worth more than $1.3 billion was destroyed in a single day, according to CoinGlass.
