87% of the loss is of the crypto traders having long positions
In the last 24 hours, $812 million were liquidated as Bitcoin prices fell even further, breaking its $46,000 support level. During the Asian trading hours, Bitcoin prices reached $42,500, giving traders $317 million in loss, with 87% of the loss occurring to traders who were betting on upward price movements.
Fall in the prices of Bitcoin also resulted in altcoin markets seeing deep cuts. In the past 24 hours, more than 200,000 positions were liquidated.
For exchanges, OKEx saw $241 million in liquidation and Binance took a $236million hit, these were the top exchanges that lost the most.
Ether network witnessed over $164 million in liquidation while its rival SOL witnessed $18 million in liquidation.
This plunge in the market was witnessed, after minutes of the December meeting of the U.S. Federal Reserve was released.
Disclaimer: The article is just to provide information and shouldn’t be considered as any financial advice. It is advisable to conduct thorough research before investing in any cryptocurrency.
Photo by – vjkombajn on pixabay