Crypto Market Takes a Hit: Upbit Crash and Bitcoin Flash Crash

By: Eliza Bennet

The cryptocurrency market experienced a significant turmoil recently. The trading volume on South Korea's Crypto Exchange Upbit has seen a drastic drop of 75% with the 24-hour crypto trading volume falling significantly from a high of $15 billion in march to $3.79 billion.
Simultaneously, a substantial Bitcoin flash crash has resulted in a huge loss for numerous traders. Reports suggest that over 81,000 traders have lost their leveraged positions due to the crash, amounting to a total loss of over $223 million. The largest reported single liquidation was on the OKX exchange with the ETH-USD-SWAP pair, making a single trader lose $7 million.
This unexpected movement in the market also impacted major cryptocurrencies such as Ethereum and Dogecoin, both showing significant liquidation volumes of about $36.1 million and $10.4 million respectively. The downturn has predominantly come from long traders, making up about 70.01% of the overall liquidated positions.
The OKX and Binance exchanges accounted for the majority of the liquidations volumes, and even amidst this slump, the Bitcoin price seems to be facing struggle at $69,500. Experts are closely watching these widespread market disruptions and what they mean for the future of cryptocurrency.