It is safe to say that crypto has seen worse days. The market has seen a lot of pain, with the collapse of projects and failed hedge funds. The value of liquidations is on the rise and the number of traders who are in financial distress are also on the rise.
After a difficult week in which BTC lost approximately $10,000 and plummeted below $20,000, this weekend began on yet another negative note. It even fell below the 2017 ATH line on Saturday morning. As of writing these lines, it has not bounced back up. It even dropped to $17500 a few hours earlier. In fact, Ethereum also lost a milestone of $1,000, which is a significant loss for over-leveraged traders. Coinglass data shows that there are over 160,000 liquidated traders per day. The largest one is Bitmex ($7.5M with the ETH/USD trading pair). ETH accounts for $200 million and Bitcoin accounts for nearly half of all liquidations ($300M).
Total Crypto Liquidations 24H Source: Coinglass
Marla Brooks – Financial Analysis
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