The sharp drop in the price of Bitcoin led to massive liquidation of long positions.
Over the past 24 hours, the price of Bitcoin fell by almost 19%, and the capitalization of the entire cryptocurrency market decreased from $1 billion to $847 million. Having managed to test the local minimum of $28,800, by the morning BTC had recovered higher $30,000.
Against the backdrop of the fall of the first cryptocurrency, exchanges liquidated a huge number of traders’ positions. The total losses of 200 thousand users amounted to almost $1.7 billion. At the same time, long positions suffered first of all. During the day, $1.4 billion worth of longs were forcibly closed (80% of the total amount of liquidations). The largest loss for one trader, according to bybt.com, was $7.1 million.
The leader in liquidation among exchanges, as always, was Binance, which closed orders for $700 million. Huobi closed exactly half as many contracts, by $350 million. Third on the list is the Bybit platform, which liquidated positions worth $300 million.
Subscribe to ForkNews in Telegram to always stay up to date with the latest news from the world of cryptocurrencies
You May Also Like
The fall of Bitcoin has caused shares of companies related to it to collapse
Shares of cryptocurrency-related companies fell as Bitcoin fell. Quotes of Coinbase, MicroStrategy and Galaxy Digital dropped significantly.
DIY block scanner (Blockchain explorer): a little theory
In the last article we looked at the reasons why we might need our own blockexplorer. I note that this list is far from complete, but we will assume that we have decided - we need our own source of data about transactions and their connections with addresses.
