Bitcoin Volatility Accelerates Liquidation of Long Bitcoin Trading Positions…Details Here
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Answer Bitcoin Volatility Accelerates Liquidation of Long Bitcoin Trading Positions…Details Here
September did not beat expectations and the bitcoin price was highly volatile.
Bitcoin price fell below $46,000 on Monday after a sharp increase in selling.
The world’s largest cryptocurrency has lost nearly 5% of its value since yesterday.
Due to the recent drop, Bitcoin long trades took a hit.
according to “by bt.com“More than $560 million of long cryptocurrency trading positions have been liquidated in the last 24 hours.
The figure includes the liquidation of nearly $220 million of Bitcoin long positions.
While Ethereum came in second place after Ethereum witnessed the liquidation of long deals worth $120 million.
In addition to Bitcoin and Ethereum, other cryptocurrencies including XRP, Solana, Cardano, Dogecoin and Polkadot have also experienced massive liquidations in the past 24 hours.
Read:Report: Most Crypto Traders Are From These 3 Countries
More than 136,000 cryptocurrency trading positions were liquidated during the mentioned period.
The largest single liquidation order related to Bitcoin, occurred on the Bybit.com trading platform.
The total value of the single and distinct liquidation process amounted to 7.17 million dollars.
The price of Bitcoin and other cryptocurrencies took a big hit on Monday as the total market capitalization of the cryptocurrency fell below the important $2 trillion level for the first time in nearly 10 days.
Ethereum, Cardano, XRP, and ADA have all fallen dramatically in the last 24 hours.
But at press time, it’s back above $2 trillion.
Bitcoin network:
Despite the recent drop in price, the Bitcoin network in general has seen significant growth in the past few days.
According to data published by Glassnode, Bitcoin miners have increased the accumulation of the world’s largest cryptocurrency after the massive sell-off seen in August.
From what “Glassnode” indicated:
Bitcoin miners have been in build-up mode for the past six months, with unspent supply rising by 13,000 BTC since January.
After a small spend of 1,360 BTC in late August, it appears that miners’ balances are increasing again.
Read:These are XRP sales so far
The dominance of Bitcoin in the cryptocurrency market increased during the recent correction amid a sharp drop in the price of altcoins and the market share of Bitcoin increased to 42.6%.
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The co-founder of “Three Arrows Capital” stated: Bitcoin dominance does not matter much!
Ripple continues to thrive outside the US despite SEC hurting its business domestically
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