$690 Million Liquidated from Crypto Market in 24 Hours
Coinglass reports $429 million of the liquidations came from long positions, with short positions contributing $11.86 million amid ongoing market volatility.
Fact Check
While no single piece of evidence states the exact figure of $690 million, multiple sources confirm that liquidations of this magnitude are common. Source 7 reports a '$700 million liquidation wave' in a recent 24-hour period, which is extremely close to the figure in the statement. Other sources report even larger liquidations ($786M, $900M, $1.5B), making the claim that $690 million was liquidated highly plausible.
Summary
According to Coinglass data, the crypto market saw $441 million in liquidations within the past hour, primarily from long positions ($429 million). Short positions accounted for $11.86 million, highlighting continued market volatility and its effects on leveraged traders.
Terms & Concepts
- Liquidation: The forced closure of leveraged positions when a trader’s margin falls below the required maintenance level, often triggered by price swings.
- Long Position: A trading position that profits when the price of an asset increases; losses occur when the price drops.
- Short Position: A trading position that profits when the price of an asset decreases; losses occur when the price rises.