Data shows the cryptocurrency longs have taken a beating today because of the plunge towards $34,000 that Bitcoin has observed.
Cryptocurrency Futures Market Has Seen Liquidations Totaling $137 Million Today
According to data from CoinGlass, a large amount of liquidations have taken place in the cryptocurrency futures market during the past day. “Liquidation” here refers to a forced closure of a futures contract being done by the derivative contract with which said position is open.
A contract is liquidated when it amasses losses equal to a certain percentage of the margin (that is, the initial collateral that the holder had put forth when opening the contract).
As it’s easy for traders’ bets to fail during volatile periods, it’s not surprising that the volatility from the past day has induced liquidations throughout the market. The below table shows the data for the liquidations that have occurred in the sector during the last day.
As you can see, the cryptocurrency futures
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