Coin Edition -
- The cryptocurrency market liquidated $1.05 billion last night, with Binance having the largest number of liquidations.
- The flagship cryptocurrency, BTC, faced a 10% fall after reaching a new all-time high.
- Data indicates that leveraged bets on crypto futures increased to over $66 billion in the past week.
According to data from Coinglass, over $1.05 billion worth of cryptocurrency was liquidated during the past 24 hours. Bitcoin, the largest cryptocurrency by market capitalization, reached a new all-time high (ATH) of $69,200 within the last 24 hours. However, its value fell by 10%, which may have been caused by $308 million worth of BTC being liquidated across the cryptocurrency market.
Ethereum was the second most affected cryptocurrency, with over $185.44 million worth of ETH being liquidated after hitting the $3,800 mark. The Bitmex exchange saw the largest single liquidation order valued at $9 million.
Interestingly, the rapid increase in Bitcoin’s price to its all-time high of $69,200 likely enticed some traders to use leverage, which multiplied their potential gains. Analysts have reported that some traders may have also decided to convert their holdings to stablecoins like USDC to lock in profits or hedge against further price drops.
Data indicates that leveraged bets on crypto futures increased to over $66 billion in the past week. Some token funding rates have also skyrocketed to over 100% annualized. Binance, one of the top crypto exchanges, saw the largest number of liquidations in terms of value within that $1.05 billion, with $401.42 million being liquidated.
Traders who bought new meme coins like FLOKI, WIF, and PEPE early on are also liquidating their assets, taking advantage of the sharp rise compared to just a few hours earlier. This suggests that traders may believe that the market has hit a peak.
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