$479M Lost as Over 140K Traders Face Liquidation Nightmare

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Over $479 million liquidated in 24 hours as Bitcoin plunges 9% to $56K.
The largest single-trader liquidation occurred on the OKX exchange, involving $6 million.
Despite the massive sell-off, analysts remain optimistic about a bullish comeback.

After the overly bearish April, the crypto market is again starting the new month of May on a red note, with crypto traders languishing in staggering capital losses. Data from market tracker Coinglass shows that 141,808 crypto traders faced liquidation over the last day. These traders have lost over $479 million in their investment across various assets.

The most significant single-trader liquidation occurred on the OKX exchange, involving an ETH-USDT-SWAP valued at $6.07 million. This nearly half-billion-dollar fortune wiped out of the crypto scene emerged following Bitcoin’s instability in the last 24 hours.

As of yesterday, Bitcoin traded at a high of $62,121. However, at press time, it had already plummeted by 9% to trade at a low of $56,555. This sudden turn of events has left crypto bulls reeling from significant losses.

In particular, crypt…

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