![Liquidations surpass $200M in 1 hour after SEC’s Binance lawsuit](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/06/crypto-liquidation-bitcoin.jpg&w=70&h=37&q=75)
Liquidations surpass $200M in 1 hour after SEC’s Binance lawsuit
SEC's lawsuit against Binance led to steep losses for traders who had long positions on the crypto market.
![Liquidations surpass $200M in 1 hour after SEC’s Binance lawsuit](https://cryptoslate.com/wp-content/uploads/2023/06/crypto-liquidation-bitcoin-768x403.jpg)
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange’s (SEC) lawsuit against Binance wiped off over $200 million within one hour from crypto traders who held positions on the market.
Following the news, CryptoSlate’s data showed that the total market cap of digital assets declined 2.87% to $1.12 trillion.
Nearly $300M in the last 24 hours
The crypto market saw $298.51 million liquidated in the past 24 hours, with more than 110,000 traders affected.
Data from Coinglass showed that long traders lost $275.31 million, with Bitcoin and Ethereum accounting for $130.46 million of these losses.
![SEC Binance market liquidation](https://cryptoslate.com/wp-content/uploads/2023/06/Screenshot-2023-06-05-172426.jpg)
Meanwhile, short traders experienced $23.2 million in liquidations. The top two digital assets were responsible for around 49.5% of these losses.
Other assets such as BNB, Chainlink, XRP, Litecoin, and Solana experienced less than $2 million in liquidations, respectively.
Across exchanges, most of the liquidations occurred on OKX, Binance, and ByBit. These three exchanges accounted for 75% of the overall liquidations, with 92% being long positions. Other exchanges like Huobi, Deribit, and Bitmex also recorded a sizeable amount of the total liquidations.
The most significant liquidation occurred on Bitmex – XBTUSD, valued at $9.94 million.
Red market
Bitcoin dipped from over $27,000 to below $26,000 within one hour and was trading at $25,859 as of 16:36 UTC
The price of Bitcoin is down overall by almost 5% over the past 24 hours.
![Bitcoin Price](https://cryptoslate.com/wp-content/uploads/2023/06/BTCUSD_2023-06-05_17-36-36.png)
Binance-related BNB saw the highest loss, plunging by nearly 10% to $281, while Ethereum (ETH) fell 3%. Other top digital assets like XRP, Cardano (ADA), Dogecoin (DOGE), and others also reported significant losses during the reporting period.