Traders lost more than $1 billion to the bitcoin price collapse

The value of the first cryptocurrency dipped to $29 700 on May 10 for the first time since July 2021

10.05.2022 - 08:45

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What’s new? Over the past 24 hours, the volume of liquidated positions in the crypto market amounted to $1,1 billion. According to Coinglass, a total of almost 287 000 traders’ positions were liquidated. The largest order was forcibly closed on the BitMEX exchange ($6,3 million) in the XBT/USD pair.

Statistics on liquidations on Coinglass

What influenced it? The alleged reason for the liquidations was the fall in the price of bitcoin below the $30 000 mark. As of 12:00 Moscow time, BTC is trading at $31 826, according to Binance. According to CoinGecko, the total capitalization of the cryptocurrency market has decreased by $86 billion to $1,53 trillion in the past 24 hours.

What happened before? Trader and crypto analyst Tone Vays predicted the fall of bitcoin to the $23 000 mark. Vays claims that BTC looks “absolutely terrible” and gives bear market signals.

Also, crypto billionaire and chairman of the Bitcoin Foundation Brock Pierce stated that bitcoin has two options either it would fall to zero or it would reach $1 million. The entrepreneur warned investors against going all-in on the first cryptocurrency and urged them to diversify risks.

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