Aggregated information from the most popular cryptocurrency exchanges reveals that roughly $449 million worth of BTC was liquidated during yesterday’s price crash. Bitcoin reached as low as $8,600 on BitMEX.
$449 Million Liquidated
Data from the volume monitoring resource Bybt reveals that roughly around $449 million (at the time of this writing) worth of Bitcoin was liquidated during yesterday’s price crash. This happened in the past 24 hours, and it doesn’t account for the short positions liquidated during the surge to $10,500 that occurred earlier during the day.
The resource monitors some of the most liquid exchanges, including OKEx, Huobi, Binance, FTX, and BitMEX.
Interestingly enough, the largest single liquidation order occurred on BitMEX. Naturally, it was on the XBT perpetual contract, and it was worth $10 million – a catastrophic loss, no doubt.
It was on BitMEX exactly where the price dumped a lot more compared to other exchanges. As CryptoPotato reported, Bitcoin reached a low of around $8,600 on BitMEX, where elsewhere, the losses were contained to the range between $9,200 and $9,400.
What’s Next For Bitcoin?
At this point, it’s clear that yesterday was a tough day for traders across the board, regardless of their bias. The total amount of liquidations was even higher because the price pumped before it dumped. Hence short traders also saw massive losses before the dump.
The massive liquidation volume has obviously taken its toll on the market as the price remains mainly flat, trading at around $9,500 with relatively low volumes.
In any case, yesterday’s developments seemed like a classic pump and dump, forming a textbook Bart pattern.
It will be critical for Bitcoin to close the current weekly candle above the lows marked yesterday. At the same time, if it manages to reclaim $9,800, this could be a strong bullish sign. Above this lies the coveted $10,000 mark, which has obviously caused a lot of troubles for Bitcoin over the past few months.