In the last 24 hours, crypto futures worth over $812 million were liquidated as bitcoin broke its $46,000 support level and fell to $43,000. By shauryamalwa
Bitcoin broke below the $46,500 support level on Wednesday.
Bitcoin fell to as low as $42,500 in Asian hours on Thursday morning after trading above $47,000 on Wednesday. Traders took on $317 million worth of losses on bitcoin-tracked futures alone, with 87% of those positions betting on upward price movements.occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin.
More than 87% of the $800 million in liquidations occurred on long positions, which are futures contracts in which traders bet on a price rise. Crypto exchange OKEx saw $241 million in liquidations, the most among major exchanges, while traders on Binance took on $236 million in losses.
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