The crypto market has probably entered a correction phase, as almost all the top-ten cryptocurrencies are declining in value. On Tuesday, the Bitcoin price dropped below $47,000, although the current price is slightly above this level, precisely at $47,937 on Coinmarketcap. The second-largest cryptocurrency, Ether (ETH), was trading below $1,500 at the time of writing. The current correction in the market has resulted in the liquidation of almost $6 billion worth of crypto positions on exchanges.
Over 650k traders ejected amid overleveraged crypto positions
More than $5.6 billion crypto positions were liquidated across crypto exchanges over the past 24 hours, according to the market information by ByBt. About 650,175 traders were affected by this development. These traders longed their positions on margin in order to make more profits with every increase in coin price. However, the positions had to be forcefully closed by exchanges as they went below the liquidation price.
Per ByBt, Huobi Global had the largest single liquidation order in Bitcoin, worth over $20.66 million. However, Binance saw the largest liquidation worth more than $2.5 billion, followed by $1.40 billion HuobiGlobal. The Malta-based cryptocurrency exchange, OKEx, recorded about $745 million worth of crypto positions liquidated over the past 24 hours. Going by the cryptocurrencies, Bitcoin had the most liquidated position. Other crypto-assets include Ether and Ripple.
Open interest in Bitcoin
There is now about $16.53 billion (or 337.36k BTC) of open interest in Bitcoin futures. The market is down by 12 percent over the past 24 hours. Binance has the largest share of open interest in BTC futures, worth about $2.88 billion. Other leading derivative exchanges include CME ($2.74 billion), OKEx ($2.54 billion), Huobi ($1.88 billion), and Bybit ($1.77 billion).
