Over $55 Million in Futures Positions Liquidated in the Past Hour
CryptoNewsTerminal Staff04 Aug, 2024
Over $55 Million in Futures Positions Liquidated in the Past Hour
Over $55 million worth of futures positions were liquidated on major cryptocurrency exchanges in the past hour, according to data from Coinglass. This brings the total amount of futures positions liquidated in the past 24 hours to over $397 million. The majority of the liquidations occurred on Binance, which accounted for over $30 million of the total. Other major exchanges that saw significant liquidations include Huobi, OKEx, and FTX. The liquidations come as the cryptocurrency market experiences a period of high volatility. Bitcoin, the largest cryptocurrency by market capitalization, has fallen by over 10% in the past 24 hours, and other major cryptocurrencies have also seen significant losses. The high level of liquidations suggests that many traders are taking profits or cutting losses in the face of the market volatility. It is also possible that some of the liquidations were caused by forced margin calls, which occur when a trader's losses exceed their available margin.
