While Bitcoin and Ethereum keep plunging, crypto traders are facing massive liquidations
As Bitcoin briefly went down to the $28,955 level and Ethereum dropped to the $1,830 level, a כוואַליע פון ליקווידיישאַנז rolled across multiple crypto exchanges, making traders lose $116 million within an hour, according to data provided by Coinglass.
In the past hour, BTC fell below $29,000, and ETH fell to $1,815. According to Coinglass data, the liquidation volume of the entire network in the past hour exceeded $110 million. https://t.co/YQ6p9AZeYG
- ווו בלאָקקטשאַין (@ ווובלאָקקטשאַין) מייַ קסנומקס, קסנומקס
Bitcoin positions liquidated total over $41 million. The largest amount of לאנגע ליקווידאציעס were spotted on Bitfinex ($28.98 million), Okex ($44.68 million) and Binance ($22.47 million).
A liquidation takes place automatically when a trader loses their initial margin on a position.
By now, the leading digital currency has recovered to $29,191, and Ethereum is changing hands at $1,841.
אַדס
As Bitcoin keeps holding in the $29,000 zone, Santiment has tweeted that a certain number of major whale wallets keep going up.
These addresses contain between 100 BTC and 1,000 BTC. These wallets have been acquiring more Bitcoin since late January, when the price plummeted to the $33,500 area. Compared to three months ago, nearly 190 new wallets have been added here.
From the historical point of view, Santiment says, the rising amount of this type of BTC address shows a correlation with the price as both begin to go up.
? ווי # ביטקאָין continues treading water at $29.6k, the amount of key whale addresses (holding 100 to 1k $ בטק) continues rising after the massive dumping from late January. We’ve historically seen a correlation between price & this tier’s address quantity. https://t.co/SZ7A4WaD29 pic.twitter.com/nDmdGzFAXV
- סאַנטימענט (@antimentfeed) מייַ קסנומקס, קסנומקס
Source: https://u.today/over-110-million-in-crypto-liquidated-as-btc-and-eth-suffer-more-losses