Crypto Hit by Record Liquidations Amid Russia-Ukraine Crisis

Russia-Ukraine Crisis

Cryptocurrencies plunged by more than $242 million in early Asian hours as investors reacted to the Russian aggression in Ukraine.

The sell-off amounted to more than $400 million in the past day, with the largest liquidation recorded at OKX of a LINK position worth more than $3.21 million.

Bitcoin-tracked futures recorded $72 million in sell-offs, the highest in the crypto market, while ether futures saw $70 million in losses.

Altcoins registered relatively smaller liquidations of $6.46 million in Solana’s SOL, $5.18 million in XRP, and $6.81 million in Dogecoin.

The sell-off, of which more than 87% were long positions, caused the market capitalization to plummet 7.8% in early Asian hours.

OKX crypto exchange had the most liquidations at $73 million, with Binance and Bybit trailing at $48 million and $24 million, respectively.

Cryptocurrency market liquidations happen when investors cannot finance margin calls to maintain their trading positions.

Source: Coindesk

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