Over $300 Million Was Liquidated After SEC Sued Binance

Key points:

• About $315 million has been liquidated in the past 24 hours after the SEC filed a lawsuit against the market’s largest cryptocurrency exchange, Binance.
• This is a record liquidation in at least the past three months.
• The entire crypto market was on fire as the SEC also accused a series of popular tokens of being unregistered securities.

After the SEC lawsuit filed against Binance, the entire market shook violently, with about $315 million being liquidated in the last 24 hours.

CoinGlass data shows that crypto traders have lost about $315 million in liquidation over the past 24 hours, as crypto prices plummeted on Monday after the Securities and Exchange Commission (SEC) sued exchange giant Binance for allegedly violating securities laws.

About $289 million of long positions — traders betting on the price to rise — were wiped out on the day, marking the most significant buy liquidation in at least three months, according to Coinglass. The amount of liquidation in the latest 1 hour reached nearly 155 million USD, with BTC and ETH making up the majority. The rate of long orders being burned accounts for more than 95%.

According to CoinGlass, over the past 24 hours, Binance traders suffered a loss of $105 million, the most on any exchange, followed by a loss of $88 million on OKX and $43 million on ByBit.

The whole market was on fire when Bitcoin, Ethereum, and BNB were severely damaged because of the lawsuit information. Bitcoin (BTC), the largest cryptocurrency by market cap, fell below $26,000 for the first time since mid-March.

Suffering the same fate are other tokens accused by the SEC as securities in the Binance lawsuit, including SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI.

On the other hand, the coins that are temporarily safe from the “storm” are DEX projects led by dYdX (DYDX).

The chaotic market caused the withdrawal from Binance in the last 1 hour (on the Ethereum chain) to reach nearly $300 million, but still behind Coinbase’s half billion USD figure, According to Nansen.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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