The liquidations happened as crypto currency prices dropped as the Middle East war and growing turmoil in the region unnerved investors, weighing on risk assets

Crypto currency traders suffered more than $100 million of losses from liquidations during Monday’s market rout as digital asset prices slipped amid an escalating war in the Middle East.

Around $105 million of long positions – traders who bet that prices would increase – were wiped out as of the U.S. afternoon, according to CoinGlass data. This was the biggest amount of long liquidations in a day since September 11.

The liquidations happened as crypto currency prices declined as the fight in the Middle-East and growing tensions in the wider region unnerved investors, weighing on risk assets. The biggest digital asset, bitcoin (BTC), was more than 2 per cent lower before jumping back to $27,600. At one point, ether (ETH) shed around 5 per cent and large-cap crypto currencies solana (SOL), Polygon’s native token (MATIC) and Polkadot’s (DOT) experienced 6 per cent to 7 per cent declines. They recovered some time later.

Liquidations take place when an exchange closes a leveraged trading position because of a partial or total loss of the trader’s initial money down, or “margin,” because the trader fails to meet the margin requirements or does not have sufficient funds to keep the position open.

ETH derivatives traders took the brunt of the losses, as declining prices prompted $32.78 million of longs liquidated over the past 24 hours, as per CoinGlass. The biggest single liquidation order was a $4.5 million ETH-BUSD long on crypto exchange Binance.

Around $18.25 million worth of BTC long positions were liquidated, followed by bitcoin cash (BCH) and Bancor’s (BNT) token, with over $3 million liquidated for both.