Coinbry

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  • 24h Vol: $100,968,125,699.06
  • BTC Dominance: 48.93%
$1B in liquidations as Bitcoin and Ether prices plummet, causing a crypto bloodbath

$1B in liquidations as Bitcoin and Ether prices plummet, causing a crypto bloodbath

During the recent Bitcoin and Ether price slump, thousands of derivative traders experienced significant losses as their hedged positions were liquidated. A total of 176,752 traders were liquidated within the past 24 hours, with 90% of these liquidations occurring in the last 12 hours. This surge in price volatility came shortly after BTC and ETH recorded their lowest daily volatility in several years.

Among the numerous traders who suffered losses, two liquidations stood out due to their scale. One trader on Binance’s ETHBUSD contract lost $55.9 million, while another trader on the BTCUSDT contract lost nearly $10 million. This billion-dollar liquidation event is the largest in the crypto market in the past eight months.

Several factors contributed to the price decline, including the SpaceX Bitcoin write-down and macroeconomic conditions. BTC had held onto the key $28,000 support for a while, while ETH had maintained the $1,500 support before breaking down on August 17. The liquidity in the crypto market has been relatively low, and major exchanges like Coinbase have experienced a significant decline in trading volume.

In summary:

– Thousands of derivative traders faced liquidations during the recent Bitcoin and Ether price slump.

– A total of 176,752 traders were liquidated within the past 24 hours, with 90% of these liquidations occurring in the last 12 hours.

– Two traders on Binance suffered significant losses, with one losing $55.9 million and another losing nearly $10 million.

– This billion-dollar liquidation event is the largest in the crypto market in the past eight months.

– The price decline was influenced by factors such as the SpaceX Bitcoin write-down and macroeconomic conditions.

– BTC and ETH had been trading within a range for some time, with BTC holding onto the $28,000 support and ETH maintaining the $1,500 support before breaking down.

– The crypto market has experienced lower liquidity, and major exchanges like Coinbase have seen a decline in trading volume.

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