Massive Liquidations: $510 Million Worth of Futures Positions Erased in an Hour

IconCryptoNewsTerminal Staff06 Jul, 2024

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Massive Liquidations: $510 Million Worth of Futures Positions Erased in an Hour

Massive liquidations have swept through the cryptocurrency market in the past hour, with major exchanges reporting a total of $510 million worth of futures positions liquidated. This follows a significant wave of liquidations over the past 24 hours, totaling $196 million. The liquidations come amid a sharp sell-off in the crypto market, with Bitcoin and other major cryptocurrencies experiencing double-digit losses. The market has been under pressure in recent weeks due to a combination of factors, including rising interest rates, geopolitical uncertainty, and concerns about the health of the global economy. The liquidations are likely to have a significant impact on the market, as they will reduce the amount of leverage in the system and could lead to further volatility. Traders are advised to exercise caution and manage their risk carefully during this period of market turbulence.

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