After Ripple defeated the SEC yesterday, the price of Bitcoin, which once rose above $31,000 and stayed at this level for a day, fell by more than 4% and suddenly fell below $30,000.
As of this writing, the BTC price is $30,200.
As BTC fell, altcoins also bled, with one of the biggest comebacks being yesterday’s star, XRP, which fell more than 12% in the past 24 hours.
With the decline over the past four hours, the cryptocurrency market has seen approximately $130 million in liquidations. A large portion of the $116 million in liquidations were in long positions.
In the past 24 hours, a total of 74,044 traders were forced to liquidate, with a total liquidation amount of US$242.83 million.
It is believed that the liquidation of this large number of long positions may have played a triggering role in the decline.
When we evaluate on a coin-by-coin basis, the largest liquidation was Bitcoin at $22.65 million. Ethereum followed closely behind Bitcoin at $11.73 million. XRP was third at $4.33 million, and Litecoin was fourth at $3.31 million.
BTC open interest weighted funding rate is 0.0058%, which means longs are paying shorts. So there are more long positions now.
The BTC volume-weighted funding rate is also positive at 0.0079%, but lower than the BTC open interest-weighted funding rate. This means that exchanges with higher funding rates have weaker volumes than exchanges with lower funding rates. This could indicate lower liquidity or trading activity for Bitcoin futures contracts.
Additionally, Binance’s announcement of layoffs of up to 1,000 employees may have triggered the market’s downward trend, according to The Wall Street Journal.
BTC open interest weighted funding rate is 0.0058%, which means longs are paying shorts. So there are more long positions now.
The BTC volume-weighted funding rate is also positive at 0.0079%, but lower than the BTC open interest-weighted funding rate. This means that exchanges with higher funding rates have weaker volumes than exchanges with lower funding rates. This could indicate lower liquidity or trading activity for Bitcoin futures contracts.
Additionally, Binance’s announcement of layoffs of up to 1,000 employees may have triggered the market’s downward trend, according to The Wall Street Journal.
