Extreme Fluctuations in Bitcoin Value Result in $361M Leveraged Trades Liquidation
Bitcoin price swings have recently led to significant financial implications, with the liquidation of $361 million in leveraged trades. This occurrence, as analyzed by 10x Research, is largely attributed to traders’ anticipation of a market correction and the prevailing fear of missing out (FOMO) on Bitcoin’s surges. As Bitcoin’s value reached unprecedented heights of $73,050 and then rapidly fell below $70,000 within a 24-hour span on March 12, over $361 million in leveraged trades were liquidated. The substantial fluctuation largely impacted long positions, eliminating nearly $258 million worth. Short sellers were not spared either, suffering a loss of slightly above $103 million. This dramatic event was identified by crypto trading and information platform Coinglass as the most significant long position wipeout since March 5. On that day, Bitcoin’s value had dropped to $60,800 following a previous all-time high of roughly $69,000. The recent Bitcoin price swings illustrate the volatility of the cryptocurrency market and the potential risks and rewards for traders.
Not financial advice. Always be safe and secure when dealing with cryptocurrency. Never send anyone your private key. Always Do Your Own Research..DYOR..DYOR..DYOR!
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