$1 billion crypto position disappeared in 24 hours
Fears of recessions in the US caused cryptocurrencies to start the new week with big declines. Bitcoin fell to $49K in the morning hours. The value of futures crypto positions, which have been liquidated in the last 24 hours, has exceeded $1 billion. Approximately $900 million of these positions constituted long positions.
The sharp decline in Bitcoin and cryptocurrencies continued on Monday morning. The largest cryptocurrency exceeding $70K on Monday last week fell to $49k on the morning of August 5th.
Did the US enter a recession?
In the USA, which is seen as the largest economy in the world, it has recently been seriously discussed whether the Fed will make a soft or hard landing. However, it seems that the Fed, which could not reduce the inflation to 2%, could not prevent the sharp descent. The declines in US markets, which started last week and hardened on Friday, also spread to Asian markets on Monday morning. The Japanese Nikkei 225 fell 6%. Experts stated that the USA is now into a recession, while those who made the most losses in cryptocurrencies saw futures and leveraged transactions.
1 billion dollars has been deleted
The total value of crypto positions, which have been liquidated in the last 24 hours due to sharp declines, has exceeded $1 billion. 900 million dollars of this figure were long positions.
$350 million in Bitcoin positions and $340 million in Ether positions disappeared.
The maximum amount of liquidation was seen on Binance and OKX exchanges. The liquidation crypto position value on the two exchanges was $398 million and $310 million, respectively.
Bitcoin, where very hard price movements are seen, is traded at 50,800 dollars in the minutes when the news is written.
