Bitcoin's (BTC) early Friday slide, triggered by concerns about crypto-friendly bank Silvergate (SI), shook out bullish leverage from the futures market. Exchanges liquidated longs or bullish bitcoin futures worth over $62 million during the Asian hours, the highest amount since August, according to data from Glassnode. Short liquidations worth just over $500,000 were also observed. Liquidation happens when the market moves against a trader's bullish/bearish bet, leaving them with insufficient funds to keep the leveraged trade open. (Coindesk)
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