Market volatility causes spike in liquidations
As a result of the heightened market volatility, total liquidations of leveraged crypto positions in the past 24 hours have surpassed $330 million.
The majority of the liquidations involved long positions, leading to a loss of over $290 million, while short positions contributed only around $39 million to the total liquidations, according to Coinglass data.
The bitcoin price has dropped more than 4.5% in the past 24 hours, falling below the $39,000 mark. The world’s largest cryptocurrency by market capitalization is now trading at $38,894 as of 5.17 a.m. ET, according to The Block’s Prices Page.
