Massive Liquidation: $770 Million in Futures Positions Evaporated in an Hour

IconCryptoNewsTerminal Staff04 Jul, 2024

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Massive Liquidation: $770 Million in Futures Positions Evaporated in an Hour

Over the past hour, major cryptocurrency exchanges have liquidated a staggering $770 million worth of futures positions. This brings the total liquidations in the past 24 hours to a colossal $6.63 billion. This latest wave of liquidations is primarily attributed to the sharp drop in Bitcoin's price, which fell below $22,000. The broader cryptocurrency market followed suit, with most major altcoins experiencing significant losses. The liquidations are a stark reminder of the volatility inherent in cryptocurrency trading, particularly in leveraged futures markets. Traders who had taken on excessive leverage were forced to close their positions at a loss as the market moved against them.

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