Over 800,000 Crypto Traders Liquidated in Last 24 Hours

Share Article
In Brief
  • Bybt liquidations counts all the crypto liquidations across all exchanges and currencies.

  • Bitcoin (BTC) lost value for the fifth day in a row.

  • Thousands of traders operating in the crypto futures market were liquidated.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

In the wake of China extending the ban on cryptocurrencies further and last week’s Twitter musings by Elon Musk the crypto market plunged, the effect of these external impacts can be seen through real-time liquidations, which topped 804,242, in the last 24 hours.

Sponsored



Sponsored

Bybt liquidations counts all the crypto liquidations across all exchanges and currencies. This came as bitcoin (BTC) lost value for the fifth day in a row. The world’s largest cryptocurrency is now back at the pre-Tesla announcement price. Representing a huge fall from grace, after hitting all-time highs above $60,000, last month.

During this, thousands of traders operating in the crypto futures market were liquidated. With over $8 billion worth of positions affected, according to Bybt. With the bitcoin futures market accounting for 50% of all total liquidations, it was the heaviest hit by this.

Sponsored



Sponsored

This downtrend is being largely attributed to Musk shunning bitcoin, as well as Chinese regulators clamping down on cryptocurrency.

Last week Musk announced that Tesla would stop accepting bitcoin payments for its products. Musk attributed this to the poor environmental impact of bitcoin and his tweets apparently had a significant impact on price.

Compounding the issue, the Chinese central bank intensified plans to crack down on cryptocurrency trading. This was a deviation from their warmer approach to bitcoin in April and had negative effects on the price of the cryptocurrency.

As previously reported, exchanges registered a single-day net inflow of 30,749.89 bitcoins. This is the fastest inflow of bitcoin exchanges have experienced since “Black Thursday” on May 12, 2020. Bitcoin’s price dropped 40% that day.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Adam is working in London while studying for a self-paced MicroMasters in Data, Economics and Public Development online with MITx. Before this he studied at Trinity College Dublin where he first became interested in cryptocurrency and blockchain. First writing for a university publication on cryptocurrency in 2015, Adam has been writing about and following the crypto economy ever since.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go