Insights

Liquidations main reason for crypto sell-off, small amounts of realized losses

exchange68September 13, 2024

0 0 1 minute read

Quick Take

CFTC is suing Binace over the alleged breaking of trading and derivatives rules.
This saw a sell-off in the crypto market, with Bitcoin going down to $26,600.
However, losses were extended for BNBUSD, which saw a price decline to 307, and its ratio compared to Bitcoin went down to a sixth-month low of 0.011.
Liquidations were plenty, over $100 million in the past 4 hours for the entire crypto ecosystem, according to Coinglass.
Roughly $65 million of realized losses in the past few hours is a very small amount when comparing year-to-date.
This is not a capitulation event compared to previous dates this year, such as Jan 26 and March 7, which saw hundreds of millions of losses.

Analyst

James Van Straten

Former Lead Analyst at CryptoSlate

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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