2021-3-26 20:50 |
The price of Bitcoin tumbled to about $50,300 on most of the cryptocurrency exchanges during the latest sell-off.
As of writing, the leading digital currency is trading around $51,500, but it is yet to be known if the market has bottomed or, as we have seen this entire week, BTC would fall further to a new lower level.
Still, there is nothing to be worried about as of yet, as the last two pullbacks were 31% and 26%.
Meanwhile, in the past 24 hours, a whopping $2.44 billion and 328,306 traders have been liquidated, as per Bybt. These liquidations now surpass the level seen on March 14, which sent us to $53,150 the day after hitting the all-time high of nearly $62,000.
Today’s liquidation of both longs ($2.23 billion) and shorts ($190.36 million), however, hasn’t reached the level of Feb. 22nd and is far off from the day before that.
Source: Bybt.com
Out of these $2.44 billion liquidated, about $28 million belongs to Bitcoin traders and $3.91 million to Ethereum
ETH 3.79%
Ethereum / USD
ETHUSD
$ 1,626.74
$61.65
3.79%
Volume 23.72 b
Change $61.65
Open $1,626.74
Circulating 115.2 m
Market Cap 187.41 b
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. Another whopping $1.18 million and $1.03 million belong to Filecoin
FIL 8.08%
Filecoin / USD
FILUSD
$ 94.07
$7.60
8.08%
Volume 2.74 b
Change $7.60
Open $94.07
Circulating 60.53 m
Market Cap 5.69 b
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and Polkadot
DOT 3.88%
Polkadot / USD
DOTUSD
$ 30.64
$1.19
3.88%
Volume 2.83 b
Change $1.19
Open $30.64
Circulating 923.32 m
Market Cap 28.29 b
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, respectively.
Interestingly, like always, Binance leads in liquidations accounting for nearly 50% of all the liquidations at $1.2 billion, out of which $1.1 billion were longs.
Bitfinex and Deribit traders remain to be level-headed, with their funds accounting for a mere 0.12% and 0.83% of the total exchange liquidation share, respectively.
These liquidations could be in part related to Binance managing $38.16 billion volume in Bitcoin futures in the past 24 hours compared to Bitfinex and Deribit’s $70 million and $2.56 billion, respectively, as per Skew.
Another reason could be the high leverage offered on Binance. While leverage is available up to 125x on crypto perpetual contracts, the default is also 20x.
As we shared before, Binance reported in December 2019 that within its first two months of its futures operations, on average, over 60% of traders use 20x or higher, and 21% of traders use the maximum 125x leverage.
Leverage is extremely popular in crypto and tends to exacerbate Bitcoin’s moves both on the upside and downside. Traders and industry experts have time and again advised people to refrain from using leverage in the crypto space, which already enjoys high volatility.
Bitcoin/USD BTCUSD 52,483.4422 $83.97 0.16% Volume 61.06 b Change $83.97 Open$52,483.4422 Circulating 18.66 m Market Cap 979.58 b baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[scripts.length - 1]; var cccTheme = {"Chart": {"fillColor": "rgba(248,155,35,0.2)", "borderColor": "#F89B23"}}; (function () { var appName = encodeURIComponent(window.location.hostname); if (appName == "") { appName = "local"; } var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl + 'serve/v1/coin/chart?fsym=BTC&tsym=USD'; s.src = theUrl + (theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); var single_widget_subscription = single_widget_subscription || []; single_widget_subscription.push("5~CCCAGG~BTC~USD"); The post .2 Billion Liquidated on Binance, Taking the Lead like Always, on Bitcoin’s Drop to Nearly k first appeared on BitcoinExchangeGuide.Similar to Notcoin - Blum - Airdrops In 2024
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