Over 45K Crypto Traders Liquidated a Total of $176million On Futures/Perpetual Contracts Trade
In the past couple of days, 45,776 crypto future traders betting against the crypto market rise were liquidated, with the total liquidations coming in at $176.97 million.
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The largest single liquidation order happened on OKX – BTC-USD-SWAP valued at $3.50 million.
On wee hours of Monday, the largest token increased by as much as 3.3%, momentarily reaching $22,000 before reversing course and trading virtually unchanged as of this writing. Smaller currencies like XRP and Solana, as well as Ether, were struggling.
Bitcoin had a difficult week as it fell to a six-week low at just over $18,500 in the middle of it. Since it dropped below $20,000 at the end of August, this has been losing a lot of value, and that trend has persisted.
After that regional low, BTC gained some ground and rebounded $21,000. It was unmoved even by the European Central Bank’s record interest rate increase.
On September 9, Bitcoin increased by about 10% as more undervalued assets gained support thanks to a weaker dollar, which suggested that there was a little less fear in what has been a challenging year for global markets.
Also Read: Crypto Market Loses $102 Billion In 30 Days- BTC, SOL Records The Most Losses
A higher-than-anticipated rise in US inflation on Tuesday may increase the likelihood of restrictive monetary policies, which are bad news for the value of cryptocurrencies. Any hiccups in Ethereum’s upgrade, which is scheduled for later this week and is the most significant crypto network commercially, might also cause unrest.