Quick Take
The recent drop in Bitcoin, breaking below the $37,000 level, has resulted in a wave of liquidations across the crypto market, surpassing $100M. Among the major digital assets, Ethereum faced a significant hit with $15M in liquidations, while Bitcoin followed closely with $13M, primarily due to long positions liquidated.
Market leader in crypto exchanges, Binance, bore the brunt of these liquidations, accounting for over half of the total amount, approximately $50M. This indicates the high volatility inherent in the market and the risks associated with leveraged positions.
Significantly, a large amount of leverage is currently clustered in the $36,000 to $37,000 range. This concentration suggests that further price fluctuations within this band could trigger additional significant liquidations, adding to market volatility.
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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