Coinnews
Bitcoin
$16,955.70
+44.67
(+0.26%)
Ethereum
$1,271.94
-7.73
(-0.6%)
Ripple
$0.39
+0.01
(+1.55%)
Litecoin
$76.83
+0.64
(+0.84%)
EOS
$0.94
0
(+0.23%)
Cardano
$0.32
+0.01
(+2.34%)
Stellar
$0.09
0
(+0.06%)
NEO
$6.98
+0.03
(+0.46%)
NEM
$0.03
0
(+1.81%)
DigitalCash
$45.02
-0.52
(-1.14%)
Tether
$1.00
0
(0%)
Binance Coin
$291.67
+2
(+0.69%)
QTUM
$2.24
+0.01
(+0.58%)
Verge
$0.00
0
(+0.71%)
Ontology
$0.19
0
(+0.32%)
ZCash
$46.48
+0.47
(+1.02%)
Steem
$0.18
0
(+0.17%)

Crypto Traders See $343M of Liquidations as Bitcoin Dips Below $40K

9

Crypto Traders See $343M of Liquidations as Bitcoin Dips Below $40K

The latest price declines in cryptocurrencies are inflicting widespread pain on traders who had made leveraged bets in the notoriously volatile markets, resulting in more than $340 million of liquidations just in the past 24 hours.

More than 109,000 traders were hit with liquidations over the past 24 hours as bitcoin dipped below $40,000 on Monday for the first time since September.

According to data from Coinglass, the crypto market saw a total of $343 million in liquidations over the past 24 hours with roughly $94 million happening in the last four hours; nearly $122 million of that was linked to bitcoin trading positions. The highest number of liquidations happened on OKEx, the Seychelles-based exchange, followed by Binance.

The largest single liquidation was on Bitmex, for $5.95 million.

Trading positions linked to ether (ETH), the native cryptocurrency of the Ethereum blockchain, saw $89 million in liquidations.

Liquidations in the crypto market happen when a trader has insufficient funds to fund a margin call – or a call for extra collateral demanded by the exchange to keep the trading position funded. They’re especially common in high-risk trading due to the high volatility of assets. It occurs in both margins and futures trading.

On Monday, bitcoin fell to a three-month low, hitting $39,692.03 after the largest cryptocurrency by market capitalization saw a steady decline, possibly caused by speculation that the Federal Reserve could move quickly to tighten monetary conditions in the face of fast-rising inflation.

Crypto Traders See $343M of Liquidations as Bitcoin Dips Below $40K

Source

You might also like