$101 Million Worth of Futures Positions Liquidated in Last Hour
CryptoNewsTerminal Staff20 May, 2024
$101 Million Worth of Futures Positions Liquidated in Last Hour
Over $101 million worth of futures positions have been liquidated on major exchanges in the last hour, according to data from Coinglass. This brings the total liquidations in the past 24 hours to over $221 million. The majority of the liquidations occurred on Binance, with over $50 million worth of positions liquidated in the last hour. Other exchanges that saw significant liquidations include Huobi and FTX. The liquidations come as the price of Bitcoin has fallen sharply in recent weeks, dropping from a high of over $69,000 in November to around $47,000 today. The decline in the price of Bitcoin has led to a decrease in the value of futures contracts, which has triggered liquidations for traders who were using leverage. The high level of liquidations is a sign of the volatility in the cryptocurrency market, and it highlights the risks involved in trading futures contracts. Traders should be aware of the risks involved and should only trade with funds that they can afford to lose.
