The Crypto Market Sees $440M in Liquidations
If you’ve been keeping an eye on the crypto market, you may have noticed that over the past 24 hours, liquidations totaling a staggering $440 million occurred. The majority of these forced closures were related to BTC and ETH.
Bitcoin’s surge towards $38,000 resulted in short sellers losing $78 million. Similarly, those who opened short positions in Ethereum suffered significant losses, totaling $52.7 million due to the cryptocurrency’s price jump to $2,000.
During this period, a total of 148,093 traders experienced liquidations, amounting to $435.6 million. Over 90% of these liquidations were spread across OKX, Bybit, Binance, and Huobi.
The largest order came from OKX, which closed a long BTC/USDT position worth $14.76 million.
BTC Price Surge and Speculation
Yesterday evening, BTC hit a new annual high near $38,000 before settling at around $36,500 at the time of writing.
This sudden surge was fueled by speculation surrounding the potential approval of spot Bitcoin ETF applications by the US Securities and Exchange Commission (SEC).
Furthermore, on Nov. 9, 2023, Nasdaq filed an application with the SEC to register the iShares Ethereum Trust.
Hot Take: Implications of Crypto Market Liquidations
The recent liquidations in the crypto market highlight the volatility and potential risks associated with trading digital currencies. Both bullish and bearish movements can lead to substantial gains or losses for traders within a short period. It’s crucial for investors to stay informed about market trends and developments to make well-informed decisions when navigating the crypto space.
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