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Home»ADOPTION NEWS»Crypto traders saw liquidations of more than $400 million as Bitcoin fell below $67,000.
ADOPTION NEWS

Crypto traders saw liquidations of more than $400 million as Bitcoin fell below $67,000.

By Crypto FlexsApril 2, 20242 Mins Read
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Crypto traders saw liquidations of more than 0 million as Bitcoin fell below ,000.
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Volatility over the past 24 hours has seen a surge in liquidations on centralized exchanges, with Bitcoin falling below $67,000 and the broader cryptocurrency market following suit.

According to CoinGlass data, over $427 million was liquidated across various centralized cryptocurrency exchanges in the last 24 hours. The majority of these liquidations, approximately $342 million, were long positions.

bitcoin BTC

-4.54%
Positions suffered the most damage, with more than $130 million liquidated in the last 24 hours, $90 million of which were long positions.

Liquidation occurs when a trader’s position is forced to close due to insufficient funds to cover losses. This occurs when market movements are adverse to the trader’s position and the initial margin or collateral is depleted.

The wipeout of long positions occurred as Bitcoin fell below $67,000, having started trading above $71,000 yesterday. The largest cryptocurrency by market capitalization has fallen more than 4.2% in the past 24 hours and is currently trading around $66,500, according to The Block’s pricing page.

BTC/USD price chart. Image: Block/TradingView

Meanwhile, the GMCI 30 index representing the top 30 cryptocurrencies fell 6.8% to 143.40 over the past 24 hours, while the second-largest cryptocurrency, Ethereum, fell 6.5% to $3,319.

Since the recession, analysts at cryptocurrency trading firm QCP Capital said options markets have signaled a move, with retail-focused exchanges leading the way in liquidations.

“Once again, the options market provided early signals of a sharp downward move, particularly the downside skew of a risk reversal,” QCP analysts wrote in a report Tuesday morning. “The speed of the movement has been driven by large-scale liquidations of retail-focused exchanges like Binance, which have resulted in criminal financing rates falling uniformly from a high of 77%.”


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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