- As markets become greener, cryptocurrency short liquidations reached $700 million.
- Bitcoin and Ethereum are currently driving the wave of liquidations.
- Crypto assets have seen significant volatility.
In the past four hours, more than $700 million in cryptocurrency short positions have been closed as the bigger cryptocurrency market begins to pick up steam. A Reddit post earlier claims that Whales made the decision to liquidate a ton of short bets by loading up on Bitcoin and especially Ethereum.
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The bull market won’t endure long, the post claims, but it is obvious that institutions still support cryptocurrency. It also says that institutions only accept cryptocurrency when things start to seem promising.
Unexpectedly, Bitcoin and Ethereum are currently driving the wave of liquidations. There were losses of $356.14 million and $328.18 million, respectively. The data from Coinglass below shows the recent division in the bitcoin market.
The graphic below shows that the liquidations represent a three-month high. Long liquidations, which liquidated $562 million on August 19, were the next greatest amount of liquidations. On October 25, the total liquidations during a 24-hour period came to $790 million.
The Okex Exchange had the biggest single short liquidation, as 2,000 ETH were settled for $1,524. By the time it crossed $1,500 at 7 PM BST, Ethereum was up 6% for the day.
Liquidations occur in the cryptocurrency market when a trader does not have enough money to cover a margin call. This is an exchange-requested demand for additional collateral in order to keep the trading position financed.
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