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.