$820 Million in Futures Positions Liquidated in the Last Hour
CryptoNewsTerminal Staff23 May, 2024
$820 Million in Futures Positions Liquidated in the Last Hour
In the past hour, a total of $820 million in futures positions have been liquidated across major exchanges. This follows a trend of high liquidations, with $308 million in futures positions liquidated over the past 24 hours. The majority of these liquidations have occurred on Binance, the world's largest cryptocurrency exchange. Binance has liquidated over $400 million in futures positions in the last hour, accounting for over half of the total liquidations. The liquidations come amid a period of volatility in the cryptocurrency market. Bitcoin, the largest cryptocurrency by market capitalization, has fallen by over 10% in the past 24 hours. Ethereum, the second-largest cryptocurrency, has also fallen by over 10%. The liquidations are likely to have a negative impact on the cryptocurrency market, as they will reduce the amount of leverage available to traders. This could lead to further volatility in the market, as traders are forced to close their positions.
