Cryptocurrency traders suffered some $320 million of losses in liquidations over the past 24 hours, data by CoinGlass showed, as crypto prices plummeted Monday after the Securities and Exchange Commission (SEC) sued exchange giant Binance for allegedly violating securities laws. Some $289 million of long positions – traders who bet on prices to rise – were wiped out during the day, marking the largest level of long liquidations in at least three months, per CoinGlass. The large amount of liquidations suggest that the sudden drop in prices caught most investors off-guard. Altogether, nearly 119,000 crypto traders were liquidated in 24 hours, per CoinGlass.
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