Ethereum (CRYPTO: ETH) has led cryptocurrency liquidations by a wide margin, after $102 million was recorded as liquidated over the last 24 hours.
According to data from CoinGlass , $59.96 million of short ETH positions and $42.47 million of long positions have been liquidated in the last day. The share price hit an intraday high of $1,654 late on Sunday and, over the next two hours, crashed to as low as $1,557.
The sudden price crash was likely triggered by a large sell order from cryptocurrency exchange FTX , according to crypto trader Ninja.
“Looks like it was a bull trap,” another crypto trader wrote on Twitter.
On the other hand, Bitcoin (CRYPTO: BTC) recorded just $22.94 million in liquidations over the last day. BTC long and short traders suffered similarly as $11.39 million of long positions and $11.55 million of short positions were liquidated when the asset traded between $22,242 and $22,974 in the last 24 hours.
Dogecoin (CRYPTO:DOGE) posted negligible selloffs compared to the top two cryptocurrencies. Of the $669,000 of DOGE that was liquidated, 75% of traders were long on the meme coin.
DOGE traded between $0.065 and $0.068 in the last 24 hours, according to data from Benzinga Pro.
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