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    Home » Crypto News » $1.5 Billion Liquidations in 24 Hours as Bitcoin Price Recovers

    $1.5 Billion Liquidations in 24 Hours as Bitcoin Price Recovers

    Author: George Georgiev

    Last Updated Jan 8, 2021 @ 12:22

    Around $1.5 billion in both long and short positions were liquidated in the past 24 hours. The largest single-order liquidation was worth a whopping $20.2 million.

    The past 24 hours have seen almost $1.5 billion in liquidated positions. This is the total for both long and short trades, as Bitcoin’s price went on a rollercoaster.

    $1.5 Billion Liquidated

    Cryptocurrency trading has a certain allure to it. After all, in the past 24 hours, we saw Bitcoin’s price go from $40,000 to $36,000 and back above $41,000. The same is true for many other cryptocurrencies.

    This rampant volatility creates opportunities for serious gains in a short amount of time. However, what a lot of people fail to realize is that it is much more dangerous.  As highlighted by the most recent data, almost $1.5 billion positions were liquidated. That is to say, the trade didn’t go their way and they lost their margin. The majority of it, as of the time of this writing, comes from long positions, which is a direct result of Bitcoin’s volatility and crash in last night’s trading session.

    The total amount of liquidated longs sits at $953 million, whereas the liquidated short positions currently sit at $516 million. This happened in less than a day.

    liquidated_positions
    Exchange Liquidations. Source: Bybt

    As evidenced in the chart above, the majority of the liquidations came from Binance, which is to be expected – it’s the largest exchange by volume.

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    Following are Bybit, Huobi, OKEx, and BitMEX.

    $20 Million Single Liquidation Order

    In the past hour, we saw about $60 million of liquidations. What’s interesting about this is that an overwhelming amount of it came from a single order.

    A trader has lost $20.2 million on BitMEX. This is the largest single liquidation order and it involved ETH trading. This only goes to highlight the dangers of leveraged trading.

    It’s important to remember that this is a zero-sum game. In simplest terms, this means that in order for some to win, others have to lose.

    Nevertheless, the situation continues to be particularly exciting. The total trading volume in the past 24 hours is around $200 billion and Bitcoin’s Dominance surpassed 70%.

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    Tags: Binance Bitcoin Bitcoin (BTC) Price
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over two years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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