Insights

Over $320M in liquidations in the past 24 hours, as Bitcoin loses $20k support

exchange68September 13, 2024

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Quick Take

Due to the fallout of SIlvergate Capital and possible further contagion in the bank and financial sector.
As a result, Bitcoin went below $20k and saw over $320 million of liquidations in crypto, while Bitcoin saw $120 million of liquidations.
Futures’ long liquidation dominance shows the market was extremely long which shows the number of investors that were caught offside.

Futures Long Liquidation DOminance: (Source: Glassnode)

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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