Global blockchain supervision and query platform

English
Download

$5.6 billion crypto positions got liquidated over the 24 hours, amid market correction

$5.6 billion crypto positions got liquidated over the 24 hours, amid market correction WikiBit 2021-02-24 15:08

More than $5.6 billion crypto positions were liquidated across crypto exchanges over the past 24 hours, according to the market information by ByBt.

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).

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

  • Token conversion
  • Exchange rate conversion
  • Calculation for foreign exchange purchasing
/
PC(S)
Current Rate
Available

0.00