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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