Cryptos See Over $1B in Liquidations as Bitcoin, Ether Lose Major Support Levels

Bitcoin accounted for over $532 million of all liquidations, followed by ether at $317 million and Solana’s SOL tokens at nearly $20 million. Futures tracking Cardano’s ADA, Stepn’s GMT, and Binance ecosystem tokens BNB saw over $6 million in losses each, with some 213,000 individual trading accounts seeing liquidations in the past 24 hours.Longs, or traders betting on higher prices, saw over $510 million in liquidations.

Crypto exchange FTX recorded over $417 million in liquidations, the most among its counterparts, followed by OKX at $251 million and Binance at $198 million. Open interest – or the number of unsettled futures contracts – decreased by 7% in the past 24 hours to $23 billion, suggesting a considerable number of traders closed their positions expecting further market volatility.

Bitcoin traded at just over $22,000 in European hours on Tuesday, continuing a nearly 12-week slide. The asset has lost some 66% of its value from lifetime highs of $69,000 in November. Much of the decline in the past few months has come as the U.S. Federal Reserve plans to hike rates in the coming months to battle the ill effects of record inflation – a move that has inadvertently caused a slide in global stocks and subsequently cryptocurrencies as investors take money off assets deemed risky.

Source: Digital Coin News (digitalcoinnews.net)

shauryamalwa Bitcoin was blown out of standards, and what happened was the largest speculative operation in history, we are talking about inflating the market value by hundreds of times. What happens is an explosion of bubbles. And what happens next will be much stronger than yesterday.

shauryamalwa It's so sweet to be in USDt when everyone around is bleeding and licking their wounds

shauryamalwa I don't get why people keep adding leverage on themselves deep into this market, it's so risky. Why not just choose one powerful token like MATIC, that has done a lot for the market and zk especially, and just hold it for a while. Surely this is a better plan

shauryamalwa They deserved it.

🤩

shauryamalwa I find amazing the 'global outlook' is loosely brought in by media as 'studies show', steering people's thoughts towards a particular direction. It's not the people, it's the algo trading fucking everything up - people these days tend to be long term investors!

🦉👀

shauryamalwa People, we need to tell everyone about this!

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