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Crypto Traders See $343M of Liquidations as Bitcoin Dips Below $40K
More than 109,000 traders were liquidated over the past 24 hours.
Updated May 11, 2023, 6:58 p.m. Published Jan 10, 2022, 7:57 p.m.
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.
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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 , 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.
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