Binance carries the brunt of $130M crypto market liquidation wave

Quick Take

Today, Nov. 27, Bitcoin slipped below the $37,000 mark, recording its lowest value since Nov. 22., reaching $36,800. This plunge led to a considerable ripple effect, causing the crypto market to witness liquidations worth $130 million, according to Coinglass.

A substantial portion of these liquidations, approximately $100 million, were from long positions. Binance oversaw the lion’s share of these liquidations, accounting for nearly $55 million, according to Coinglass.

Analyzing the Binance BTC/USDT Liquidation Heatmap reveals a significant amount of leverage, approximately $20 million, at the $36,700 mark. Furthermore, there is leverage extended down to $36,300. Consequently, if Bitcoin’s price were to decrease further, we could anticipate a subsequent escalation in price reduction and extensive wipeout of leverage.

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