in

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

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


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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Government faces investigation into Bitcoin Trust’s expenditure

Crypto Market Enters Sharp Correction After China Declares Crypto Transactions As Illegal

Mobius Finance and Roseon Finance Announce Partnership

Mobius Finance and Roseon Finance Announce Partnership