$540M crypto futures liquidated in one hour; $298M in past 24 hours

IconCryptoNewsTerminal Staff02 Aug, 2024

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$540M crypto futures liquidated in one hour; $298M in past 24 hours

Major cryptocurrency exchanges have liquidated $540 million worth of futures positions in the past hour, according to data from Coinglass. This comes after $298 million worth of futures positions were liquidated in the past 24 hours. The liquidations were triggered by a sharp drop in the price of Bitcoin, which fell from $23,000 to $22,500 in a matter of minutes. The drop in Bitcoin's price was likely caused by a combination of factors, including concerns about the spread of the new Omicron variant of COVID-19 and profit-taking by investors. The liquidations are a reminder of the risks involved in trading cryptocurrency futures. Futures contracts are leveraged products, which means that traders can lose more money than they initially invested. Traders should be aware of the risks involved and should only trade futures with capital that they can afford to lose.

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