Amid the fall of BTC, traders lost $1.7 billion per day

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.

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