Crypto market sees $2.6 billion liquidated in a day…$2.4 billion from long positions
Summary
- It reported that $2.6 billion in liquidations occurred in the crypto market over the past 24 hours.
- It said $2.42 billion in long positions and $170 million in short positions were liquidated.
- It reported that major cryptocurrencies posted sharp declines, including Bitcoin down more than 6% and Ethereum down nearly 10%.
Forecast Trend Report by Period
As major cryptocurrencies plunged, $2.6 billion (about 3.8 trillion won) in positions were liquidated across the market over the past 24 hours.
According to Coinglass on the 1st (local time), the total value of positions liquidated in the crypto market over the past 24 hours came to $2.58 billion. Of that, long (buy) positions accounted for about $2.42 billion. Short (sell) positions liquidated over the past 24 hours totaled about $170 million.
Bitcoin (BTC) sank more than 6% on the day. According to CoinMarketCap, Bitcoin at one point slid into the $75,000 range. That is below the average purchase price (about $76,000) of Strategy, the world’s largest corporate holder of Bitcoin reserves.
Ethereum (ETH) fell nearly 10%. According to CoinMarketCap, Ethereum at one point dropped into the $2,300 range before edging back up to the $2,400 range.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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