Crypto futures traders going long suffered heavy losses on Wednesday as prices fell, with $253 million in long liquidations.
Bitcoin experienced a sharp sell-off yesterday, dropping below $30,000 as it fell 3.8% in about 5 hours, according to Binance data via TradingView. The broader crypto market fell in tandem with the leading cryptocurrency by market cap, with ether sinking below $2,000. Crypto stocks, such as Coinbase and MicroStrategy, were also in the red.
Long positions across derivatives exchanges saw the largest liquidations so far this year. About $253 million in longs were liquidated, according to data from The Block. Most of the volume was on Binance and OKX, which saw $95.4 million and $85.2 million in liquidations, respectively.
Bitcoin was trading below $29,000 by 10:40 a.m. EDT, down a further 2.2% over the past 24 hours. Long liquidations continued as another $30 million has been wiped out in the past 12 hours.
(by Adam Morgan McCarthy)
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