Cryptocurrency owners lost $410 million per day due to the collapse of the crypto market
Market participants lost more than $410 million on May 25 due to the fall in the value of cryptocurrencies. This is evidenced by the data of the CoinGlass monitoring service.
During the day, the exchange forcibly closed transactions of 102 thousand traders, the largest single liquidation occurred on the Okex platform paired with Ethereum (ETH) and amounted to $2.9 million. Bitcoin trading, and another $ 2.8 million losses were brought to users by the altcoin Solana.
The losses of traders are associated with a sharp collapse of the market – on May 26, the rate of the second largest cryptocurrency in the world, Ethereum, dropped to a minimum for the first time since July 2021 – $1.7 thousand. At the same time, the cost of bitcoin fell from $30 thousand to $28.8 thousand and has not yet recovered . The Solana rate has continued to fall since May 23 and is now $41.5.