Traders lost $700 million over the weekend due to the growth of cryptocurrencies

Traders lost $700 million over the weekend due to the growth of cryptocurrencies

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Author: Robert Strickland
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Traders lost $700 million over the weekend due to the growth of cryptocurrencies
Liquidations mainly occurred in short positions, which were opened with the expectation of a further decline in the crypto market

The amount of liquidation of positions of traders on cryptocurrency exchanges for January 14-15 amounted to about $700 million, according to Coinglass. During the night of January 13-14 alone, positions were forcibly closed at more than $180 million in bitcoin and more than $250 million in Ethereum.

The liquidations mostly came from traders' short positions. These orders were opened in anticipation of further market decline, but quotes went in the opposite direction. Then exchanges forcibly closed margin positions in order not to lose their funds.

A large number of positions were also liquidated in Solana tokens (over $30 million) and Aptos (over $10 million). Currently, positions in these cryptocurrencies are also among the leaders in liquidations. They are followed by Decentraland (MANA), Ripple (XRP) and Litecoin (LTC).

Rates of all cryptocurrencies from the first hundred tokens by market capitalization increased since last week. According to CoinGecko, bitcoin price increased by 22% to more than $21.4 thousand, Ethereum passed the mark of $1.5 thousand, rising by 20.4%. Aptos (APT) grew by 121%, Solana (SOL) jumped by 63%, and Decentraland (MANA) - by 86.6%.

Liquidations of short positions continue, for the last 24 hours there were closed positions of 41 thousand traders for a total amount of $162 million. The largest single liquidation took place on OKX in pair with ETH/USDT and amounted to $1.25 million.

 

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