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#CryptoLiquidation Reaches US$635 Million, Bitcoin Drops 5%**
The *cryptocurrency* market recorded a liquidation of US$635.5 million or equivalent to Rp10.2 trillion in the last 24 hours. As a result, the price of Bitcoin (BTC) fell by 5.4% and returned to the level of US$96,323 from the previous US$101,890, Wednesday (08/01).
It is known that this liquidation involved around 208,144 *traders*. In detail, most of the liquidations came from *traders* who held *long* positions with a total value of US$574.2 million. Meanwhile, the *short* position only contributed to the liquidation of US$61.2 million.
This decline in the price of Bitcoin occurred after the yield on 10-year US bonds jumped, which was triggered by the December *Purchasing Managers Index* (PMI) data. This then raises concerns that inflation will remain high which could delay interest rate cuts by the Federal Reserve (The Fed).
On the other hand, BlackRock, a US investment management company, is known to have bought 6,200 Bitcoins worth around US$596.1 million, Tuesday (07/01).
For information, Bitcoin is not the asset that is most liquidated because it only contributed US$111.8 million. The rest is filled by Ethereum (ETH) of US$138.6 million. Other crypto assets actually recorded the most liquidations reaching US$151.4 million.
The *exchange* that contributed the most liquidations was Binance with US$101.2 million, followed by Bybit, OKX, and HTX which each recorded liquidations of US$25.1 million, US$24.7 million and US$4.6 million. This shows the very high level of volatility of *cryptocurrency*.
-# Image Source: Coinglass