Répartition TL; DR:
- About $5.6 billion crypto positions were liquidated in the last 24 hours.
- About 650,000 traders were affected.
The crypto market has probably entered a correction phase, as almost all the top-ten cryptocurrencies are declining in value. On Tuesday, the Bitcoin price dropped below $47,000, although the current price is slightly above this level, precisely at $47,937 on Coinmarketcap. The second-largest cryptocurrency, Ether (ETH), was trading below $1,500 at the time of writing. The current correction in the market has resulted in the liquidation of almost $6 billion worth of crypto positions on exchanges.
Over 650k traders ejected amid overleveraged crypto positions
More than $5.6 billion crypto positions were liquidated across crypto exchanges over the past 24 hours, according to the market information by ByBt. About 650,175 traders were affected by this development. These traders longed their positions on margin in order to make more profits with every increase in coin price. However, the positions had to be forcefully closed by exchanges as they went below the liquidation price.