Amid Bitcoin's surge to $88,000, the crypto market experienced a wave of liquidations affecting many centralized exchanges.
Bitcoin's Rise and its Consequences
On November 11, Bitcoin reached $88,000, triggering a liquidation wave of $700 million across the crypto market. Traders betting on Bitcoin's rise lost around $212 million, being the hardest hit.
Impact on Other Cryptocurrencies
The liquidation wave affected other cryptocurrencies such as Cardano, Solana, and Ethereum. Within 24 hours, $80 million worth of ETH was liquidated, along with $22 million in SOL and $7.13 million in ADA.
Crypto Exchanges Hit Hard
Centralized exchanges were at the epicenter of this liquidation wave. Binance led the losses with $268 million wiped out, followed by OKX with $169 million in losses.
Bitcoin's rise and the subsequent wave of liquidations underscored the high volatility of the crypto market and its impact on various assets and exchanges.
