Traders liquidate almost $700m amid Bitcoin’s precipitous decline
Against the falling Bitcoin (BTC) exchange rate, the daily liquidation volume on the crypto market approached $700 million. Traders liquidated $698 million worth of positions in the last 24 hours, according to Coinglass data. Source: Coinglass The majority came from BTC, $11.1 million, with the vast majority coming from short positions. Ethereum (ETH) became the second most popular asset for liquidation, with traders liquidating $5.57 million worth of positions, most of which came from long. Source: Coinglass Positions were mainly liquidated on crypto exchanges Binance, OKX, and Bybit. The most significant liquidation order was the BTC-USDT position on the Huobi cryptocurrency exchange for $14.26 million. On Jan. 3, 2024, the rate of the first cryptocurrency showed a sudden drop, immediately falling to the level of $41,500. At the time of publication, BTC is trying to gain a foothold above $42,800. The collapse of the bitcoin rate also hurt the alt-coin sector. Over the ...