Over $400 Million Liquidated in a Day as Bitcoin Tumbled Below $41K

[ad_1]

The market suddenly turned red today following what seems to be another wave of regulatory efforts to crack down on cryptocurrencies in China. This left over $400 million liquidated in less than a day.

As CryptoPotato reported, China continues with its efforts to further crack down on the entire cryptocurrency market.
The country’s national bank issued a statement outlining that digital assets are banned, adding that operating with exchanges will also be prohibited.
While a lot of this isn’t new, the market responded negatively, and Bitcoin’s price tumbled by more than $3K in a matter of minutes.
It didn’t stop there, as moments later, the price went below $41,000 before recovering to where it currently trades around $41,400.
This left a massive number of liquidated positions, most of which, of course, are longs.
Data from Bybt shows that there is more than $418 million worth of both longs and shorts were wiped off the market, where almost 70% of these were longs.
The largest single liquidation order took place on OKEx – it was a BTC order with a face value of almost $7 million.
Most of the liquidations took place on Binance, which accounts for about 33% of the total.

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

[ad_2]

Source link

You might also like
Leave A Reply

Your email address will not be published.

bitcooin side hustles newsletter

Join our email newsletter and get news & updates into your inbox for free.

You have Successfully Subscribed!