Bitcoin Tumbles Below $20K, Crypto Liquidations Cross $300M As Fear Grips Market

Crypto traders suffered a staggering $308 million in liquidations over the past 24 hours as markets took a hit following news that crypto-friendly bank Silvergate Capital Corp SI is winding down its operations.

What Happened: Data from CoinGlass shows that Binance traders saw the biggest loss of $106 million, out of all the exchanges, followed by $74 million of losses on OKX and $42 million on Huobi. 

Bitcoin Fear and Greed Index point to 34, which indicates fear in the market.

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Over $308 million worth of cryptocurrencies were liquidated in a single day, with Bitcoin BTC/USD leading the way at $120 million, followed by Ethereum ETH/USD at $75 million, and Dogecoin DOGE/USD at $3.86 million. 

In the past 24 hours, trading positions totaling $248 million were liquidated in the form of longs — bets on an increase in market prices. This surpasses the highest daily liquidation of long positions for the year, which recorded $254 million on Feb. 9, according to Coinglass.

Price Action: At the time of writing, BTC was trading at $19,958, down 8.20% in the last 24 hours, according to Benzinga Pro.

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