Over $ 400 million liquidated in one day as Bitcoin fell below $ 41,000
The market suddenly turned red today in the wake of what appears to be another wave of regulatory efforts to crack down on cryptocurrencies in China. This left over $ 400 million liquidated in less than a day.
- As CryptoPotato reported, China is continuing its efforts to further suppress the entire cryptocurrency market.
- The country’s national bank issued a statement saying digital assets are banned, adding that trading with exchanges will also be banned.
- While much is not new, the market has reacted negatively and the price of Bitcoin has fallen by over $ 3,000 in a matter of minutes.
- It didn’t stop there, as moments later the price fell below $ 41,000 before returning to the level where it is currently trading around $ 41,400.
- This left a large number of positions liquidated, most of which, of course, are long positions.
- Data Bybt shows that there are over $ 418 million in longs and shorts have been striped from the market, where nearly 70% of them were longs.
- The largest clearance order was on OKEx – it was a BTC order with a face value of almost $ 7 million.
- Most of the liquidations took place on Binance, which accounts for around 33% of the total.
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