Crypto traders lost more than $1.1 billion in 24 hours

Crypto traders lost more than $1.1 billion in 24 hours

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Positions of almost 157,000 traders were liquidated as the bitcoin rate rose to $20,400 and Ethereum passed the $1,500 mark. Crypto traders lost more than $1.1 million in a day as a result of forced closing of positions, according to the service Coinglass. A total of 156,800 traders' transactions were liquidated in 24 hours. The largest closed position was $3.05 million in the pair ETH/USDT on the exchange OKX.

The largest number of losses was in bitcoin transactions - $550 million. Positions worth $476 million were liquidated in pairs with Ethereum. In Cardano (ADA) trading pairs, which is in third place by the number of liquidations during the day, losses amounted to $17.1 million.

87.2% of the positions forcibly closed in the last 24 hours are short. This means that traders were counting on further market decline, but when exchange rates rose sharply, they liquidated these positions in order not to lose money.

Most of the liquidations occurred on the FTX exchange - 76.9%. OKX and Binance were far behind with 8.13% and 6.33% respectively.

Bitcoin rate rose to its highest since October 6 at $20.4 thousand and updated its 20-day high. As of October 26, 12:10 NY, the first cryptocurrency is trading at $20,400, it has risen 7% in the past 24 hours. The price of Ethereum rose 14% in 24 hours, to $1.54 thousand.

 

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Author: soft4bro

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