Small-cap cryptos cause $1.7B liquidation in one day

The cryptocurrency market experienced a significant downturn on December 10, resulting in $1.7 billion in liquidations within a single day. 

Data from CoinGlass indicates that this event marks one of the largest liquidation days in the past year, with over half a million traders affected.

Of the total liquidated amount, approximately $1.53 billion came from long positions, while $155 million was attributed to short positions.

Small-cap cryptocurrencies were the most impacted, leading the liquidations with $540 million occurring in just 24 hours. 

This figure was primarily driven by long positions of $543 million, with only $21 million coming from shorts.

Ethereum (CRYPTO:ETH) also faced substantial liquidations, totaling $235 million, with $214 million from long positions and $20 million from shorts. 

The price of Ethereum fell by 7%, reaching around $3,686 during trading.

Bitcoin saw liquidations amounting to $182 million, comprised of $140 million in long positions and $42 million in shorts. 

The price of Bitcoin (CRYPTO:BTC) dipped below the psychological threshold of $100,000.

Binance recorded the highest liquidations among exchanges, totaling over $739 million, followed by OKX and Bybit with $422 million and $369 million respectively. 

The largest single liquidation on Binance was for Ethereum-USDT at nearly $19.69 million.

Overall, the cryptocurrency market cap decreased by 6.62%, settling at approximately $3.44 trillion, while trading volume surged by 113% to reach $313 billion.