Traders lost $260 million overnight due to surges in cryptocurrency rates

Traders lost $260 million overnight due to surges in cryptocurrency rates

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Author: Robert Strickland (crypto expert)
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Traders lost $260 million overnight due to surges in cryptocurrency rates
Traders lost $260 million over 24 hours because of discounts on cryptocurrencies
Almost 30% of liquidations were short positions, which were opened with the expectation of a further decline in the crypto market. About 70% of the closed positions were long - those who were betting on them, expecting the growth of rates.

The number of liquidations of traders' positions at centralized cryptocurrency exchanges was $259.8m per day because of the jump in cryptocurrency rates. 68.8 thousand orders worth over $132m for Bitcoin and over $51m for Ethereum were closed involuntarily, according to Coinglass.

On the evening of March 22, while the market was waiting for the announcement of the results of the US Federal Reserve (Fed) meeting, the bitcoin price went up almost to $29,000. However, after it became known that the Fed raised the rate again, the digital asset fell in price by $2,000 and its rate crashed to $26,900.

Because of the sharp rise and further fall in the value of digital assets, liquidations occurred on both short and long positions of traders. 29% of traders, whose orders were forcibly closed, expected further market decline. 71% of the liquidated positions were long.

A large number of positions after bitcoin and Ethereum were liquidated in Ripple ($9 million) and Litecoin (over $3.7 million). They are followed by Aptos (APT), Conflux (CFX), and Solana (SOL).

Most positions were closed on the OKX exchange - 37%, followed by Binance with a share of 26%, then comes Bybit, which accounted for 13.6% of liquidations. The largest single liquidation occurred on the Bitmex platform in the pair XBT (Xbit) to the US dollar and amounted to $7.39 million.

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