Overnight, BTC crashed to a 12-month low, and crypto traders lost $5.8 billion

Bitcoin collapsed to a 12-month low

This night, the BTC price experienced the largest drop in a day since 2013. The cost of cryptocurrency collapsed by more than 50%, at the moment touching the mark of $ 3’780. Cryptocurrency is currently trading near $ 5’500.

Most of the crypto assets also lost in value: Ethereum fell 56% to $ 86, the price of XRP fell to a four-year low at $ 0.101.

On March 12, buyers closed long positions at $ 811 million on the Bitmex exchange, which was a new record.

Cryptotraders lost $ 5.8 billion overnight

Due to the sharp collapse of the cryptocurrency market, 235 thousand users suffered losses. The total amount of liquidated transactions amounted to 5.8 billion, according to the portal bybt.com.

The largest number of orders worth about $ 2.9 billion was forcibly closed by OKEx. BitMEX derivatives platform was the second with a value of $1.7 billion, to follow by Huobi and Binance with losses of $827 million and $360 million.

BitMEX client suffered the largest of $71 million in one transaction.