According to data from CoinGlass, cryptocurrency traders lost around $320 million in liquidations over the past 24 hours as crypto prices dropped following the SEC's lawsuit against Binance for allegedly violating securities laws. The largest level of long liquidations in at least three months occurred, with $289 million of long positions wiped out during the day. Tokens cited in the lawsuit as unregistered securities, including Binance's BNB, solana (SOL), and cardano (ADA), led the decline, with almost 119,000 crypto traders liquidated in 24 hours. The sudden drop in prices caught most investors off-guard, with BTC traders booking most of the losses.
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