Trader Faces $4.78 Million Loss in Largest Bybit Liquidation of 24 Hours
MYX’s dramatic 334% surge led to $691.88 million in liquidations, surpassing Ethereum’s $541.03 million, with Bybit’s MYX/USDT pair seeing the largest liquidation of $4.78 million.
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Fact Check
The evidence from Coinglass, a reputable crypto data aggregator, directly states, 'The largest single liquidation order happened on Bybit - MYXUSDT value $4.78M.' This information is repeated in multiple provided snippets from the same source, directly confirming the exchange, the exact amount, and its status as the largest liquidation within the reporting period.
Summary
MYX surged 334% in 24 hours, reaching $17.68, triggering $691.88 million in liquidations. The largest single liquidation occurred on Bybit’s MYX/USDT pair, valued at $4.78 million. Ethereum's liquidations reached $541.03 million, and 216,918 traders were liquidated globally, amounting to $386 million in losses.
Terms & Concepts
- Liquidation: The forced closing of a trader’s position by an exchange, usually due to insufficient margin to maintain the position.
- Coinglass: A cryptocurrency market data provider known for tracking liquidations and other trading metrics across various exchanges.
- Open Interest: The total value of outstanding futures contracts in the market that have not yet been settled.