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Bybit’s crypto liquidations amounted to over $2.1 billion alone, according to the exchange’s CEO.
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The recent crypto market correction may have liquidated up to $10 billion worth of capital, far exceeding previous figures, according to Bybit’s CEO.
Over $2.24 billion was liquidated from the crypto markets in 24 hours on Feb. 3, according to CoinGlass data.
Crypto liquidation heatmap. Source: CoinGlass
However, the recent crypto market correction may have liquidated over five times this amount, according to Ben Zhou, co-founder and CEO of Bybit exchange.
“Bybit’s 24hr liquidation alone was $2.1 billion, wrote Zhou in a Feb. 3 X post:
“I am afraid that today’s real total liquidation is a lot more than $2 billion, by my estimation, it should be at least around $8 billion -10 billion.”
Liquidation estimates. Source: Ben Zhou
The multibillion-dollar crypto liquidation event occurred amid growing macroeconomic concerns over a potential global trade war, days after President Donald Trump signed an executive order to impose import tariffs on goods from China, Canada and Mexico, according to a Feb. 1 statement from the White House.
Related: Bitcoin bottoms at $91.5K on global trade war fears, highlighting economic concerns
This article first appeared at Cointelegraph.com News
