Bitcoin’s rise above $30 000 triggers $145 million in liquidations
The largest position worth $11 million was liquidated on the Huobi exchange
11.04.2023 - 09:00
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Strength in bitcoin (BTC) pushed the asset over the crucial $30,000 level for the first time since June 2022, causing heavy losses to traders betting on a decline.
Over 87% of all future trades that were liquidated in the past 24 hours were short, or bets against a rise in prices. Losses from these trades amounted to some $145 million in the process. Crypto exchange Huobi had over $45 million in liquidations on its platform, followed by counterparts Binance and OKX at $35 million each.
The largest single liquidation order happened on Huobi, a bitcoin/tether trade valued at $11 million.
Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Large liquidations can signal the local top or bottom of a steep price move, which may allow traders to position themselves accordingly.
Recent strength in bitcoin can likely be attributed to worsening economic conditions which may lead to the adoption of a decentralized asset among investors, some opine.
“Bitcoin has effectively decoupled from the traditional markets since the start of the year, up over 80% while stocks have slumped,” said Alex Adelman, CEO of bitcoin rewards app Lolli, in an email to CoinDesk. “Bitcoin’s strength compared to the traditional markets shows that investors are increasingly shifting their capital into bitcoin, choosing it instead of traditional investments to build their wealth.”
This material is taken from the website https://www.coindesk.com.
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