Cryptocurrency Market Sees $140 Million in Liquidations
Between Feb. 13 and Feb. 14, 2024, the volume of liquidations in the cryptocurrency market approached $140 million. According to CoinGlass, 45,965 traders have had their positions liquidated in the last 24 hours. Approximately $91 million in losses came from long positions and almost $49 million from short positions.
Bitcoin and Ethereum Witness Most Liquidations
Most liquidations occurred on trading pairs with Bitcoin (BTC) and Ethereum (ETH) – $42.06 million and $35.55 million, respectively. The most significant liquidation of $4.69 million was recorded on the Binance crypto exchange. The platform also led in the volume of traders’ closed positions per day at almost $70 million.
Inflation Data Impacts Bitcoin Price
Fluctuations in the price of Bitcoin during the day occurred against the backdrop of inflation data in the United States. The U.S. Department of Labor reported that the consumer price index (CPI) in the U.S. as of January 2024 in annual terms is 3.1%, higher than experts’ expectations of 2.9%. After the release of inflation data, the Bitcoin rate showed a fall, dropping to $48,400. When writing, the first cryptocurrency is trading near $49,640. Trading volumes also dropped by 13% to $33.9 billion.
Negative Dynamics for Top Cryptocurrencies
In the top 10 most capitalized cryptocurrencies, all coins, except stablecoins, showed negative dynamics within the last 24 hours.
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