Binance Takes Biggest Hit As $300M In Crypto Positions Liquidated In A Single Day

Traders suffered huge losses on Monday when the cryptocurrency market tumbled following the Securities and Exchange Commission’s (SEC) lawsuit against Binance.

What Happened: The exchange giant, which is accused of violating securities laws, saw a sharp decline in trading volume. 

According to data from CoinGlass, over $300 million of losses were suffered in liquidations over the past 24 hours.

Long positions, where traders are betting on price increases, totaled $274 million of losses during the day. This marked the largest level of long liquidations in at least three months. 

The sudden drops in crypto prices caught most investors off-guard, which can be indicated by the sizable amount of liquidations. Approximately 110,826 crypto traders were liquidated within a 24-hour period.

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Why It Matters: Bitcoin traders were hit the hardest, with losses totaling almost $111 million. 

Binance saw the most losses at $95 million, followed by $82 million of losses on OKX and $37 million on ByBit, according to CoinGlass. 

Price Action: At the time of writing, BTC was trading at $25,780.80, down 4.12%, in the last 24 hours, according to Benzinga Pro.

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