580 Million Dollars Worth of Futures Positions Liquidated in the Past Hour

IconCryptoNewsTerminal Staff02 Aug, 2024

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580 Million Dollars Worth of Futures Positions Liquidated in the Past Hour

A total of $580 million worth of futures positions were liquidated in the past hour across major exchanges, according to data from Coinglass. This brings the total value of futures positions liquidated over the past 24 hours to $298 million. The liquidations come amid a broader sell-off in the cryptocurrency market, with Bitcoin (BTC) falling below $20,000 for the first time since December 2020. Other major cryptocurrencies, such as Ethereum (ETH) and Binance Coin (BNB), have also seen significant losses in recent days. The liquidations are likely due to a combination of factors, including the recent decline in cryptocurrency prices and the upcoming Ethereum Merge. The Merge is a major upgrade to the Ethereum network that is expected to take place in September. Some traders may be liquidating their positions in anticipation of the Merge, while others may be doing so to avoid losses as prices continue to fall.

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