Bitcoin Shakeout Drives $190 Million In Losses For Over 81,000 Traders
December 07 2023 - 4:45AM
NEWSBTC
Bitcoin has seen a pullback but not to the extent that bears have
been expecting. Nevertheless, as a result of this, a lot of traders
have incurred massive losses due to Bitcoin staging another
unexpected recovery. The loss volumes have quickly risen to $190
million in one day as uncertainty remains the order of the day.
Crypto Liquidations Reach $190 Million According to data from
Coinglass, the 24-hour crypto liquidation volumes quickly rose
above $190 million as Bitcoin completed a shakeout. This began with
the price pullback to the $43,600 territory. And then a rapid rise
back toward $44,000 completed the move. Related Reading: Crypto
Expert Delivers Top 8 Altcoins To Buy On Binance Following this,
traders on both sides quickly found themselves holding loss
positions, and the liquidations pilled up. In total, over 81,000
traders were caught in the red, leading to more than $190 million
in losses. Interestingly, the majority of these were from long
trades who were betting on the price to continue to rise. Source:
Coinglass Coinglass puts 73.74% of the total liquidations in the
past day to be from long traders, meaning that around 45,000
traders were long this time around. The single largest liquidation
event was recorded on the OKX crypto exchange across the
ETH-USDT-SWAP pair which was valued at $2.12 million at the time of
the liquidation. There was also a new entrant into the top 3 in
terms of liquidation volumes. Naturally, Bitcoin and Ethereum led
the pack with liquidation volumes of $47.12 million and $29.16
million. However, ORDI came in third position with $21.64 million
in liquidations in 24 hours. Long Traders In Trouble As Bitcoin
Tanks Long traders have continued to suffer the brunt of the
liquidations in the last day, and the tides are still yet to turn
against the bears. As Bitcoin’s price has briefly plunged below
$43,000 and recovered back up toward $43,400 once more, the long
liquidations are still piling up. Related Reading: Bitcoin Pushes
Into Extreme Greed, What You Should Expect From Here At the time of
this writing, short liquidations made up 91.05% of the
approximately $47.83 million in liquidations that have been
recorded in the last four hours. This 4-hour liquidation trend is
also being led by the same top three including Bitcoin, Ethereum,
and ORDI, all of which have seen a lot of volatility in the last
week. If Bitcoin’s recovery continues to show high volatility,
these liquidation volumes will continue to rise. The majority of
the liquidations have taken place on both the Binance and OKX
exchanges with $82.56 million and $60.51 million, respectively.
ByBit exchange snags third position with $27.05 million in
liquidations in the last day. Bitcoin is currently struggling to
maintain support above $43,000, which explains why there has been
an uptick in the liquidation trend in the last few hours. However,
bulls are still ahead and continue to dominate as sentiment remains
firmly in greed. BTC exhibits high volatility | Source: BTCUSD on
Tradingview.com Featured image from Coin Culture, chart from
Tradingview.com
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