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Crypto Traders Suffer Over $300M of Losses in Liquidations Amid Market Crash

Crypto traders endured some $307 million of liquidations in the past 24 hours, data from Coinglass shows, as crypto markets tanked Thursday on news about crypto-friendly bank Silvergate Capital (SI) winding down operations.

Traders on Binance, the world’s largest crypto exchange by trading volume, saw $104 million of losses, the most among exchanges, followed by $79 million of losses on OKX and $45 million on Huobi, per Coinglass.

Bitcoin (BTC) traders suffered the most losses, some $112 million, while ether (ETH) liquidations surpassed $73 million.

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