Bitcoin

The fall in the bitcoin rate on Sunday led to the liquidation of positions for $ 1.1 billion

On Sunday morning, the bitcoin rate in just 6 minutes lost 12%, and the ether rate fell by 20%. Such a sharp drop in the market led to the liquidation of traders’ positions worth more than $ 1 billion.

The price of the first cryptocurrency fell from $ 11,930 to $ 10,550 in just 6 minutes. After that, the market began to recover and at the time of publication, BTC is trading at $ 11,150. As for ETH, the drawdown there was even stronger – from $ 408 to $ 326. However, the recovery was more successful – now ether is trading at $ 380.

030820_btc_fall.png

Such abrupt movements in the cryptocurrency market resulted in a significant volume of position liquidations. More than 70,000 traders have closed orders for about $ 1.1 billion. 

According to Bytb, the largest volume of liquidations was recorded on OKEx and Huobi, where positions for $ 396 million and $ 394 million were liquidated, respectively. Also, a significant volume of liquidations was shown by the BitMEX ($ 164 million) and Binance ($ 86 million) exchanges.

030820_eth_fall.png

Of course, the liquidation of positions is caused not only by the fall in the bitcoin rate, but also by its growth. For example, on July 28, the BTC rate exceeded $ 11,000, which led to the liquidation of short positions of traders in the amount of about $ 522 million.

030820_liquidations.png

About author

Experienced Founder with a demonstrated history of working in the newspapers industry. Skilled in Data Research, Management, Investment Research, Teamwork, and Leadership. Influencing the technology, people, and technical analysis of the Cryptocurrency and Blockchain world.
Related posts
Bitcoin

After Previous Negative Statements, Norwegian Billionaire Invests In Bitcoin

BitcoinCryptocurrencyEthereum

Bitcoin Recovers $56,000: ETH Recovers $1,700 (Observed Over The Weekend)

Bitcoin

Bitcoin Sets Fresh Record Above $50,000

BitcoinMining

BTC miners earned more than $ 4 million per hour amid growing fees and BTC rate

Sign up for our newsletter and stay informed

0 0 votes
Page Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
USD
0
Would love your thoughts, please comment.x
()
x