Bitcoin 5% correction sets off $400M liquidations as Asia markets open for the week Oluwapelumi Adejumo · 8 hours ago · 2 minutes checked out
Bitcoin, the biggest cryptocurrency by market capitalization, toppled around 5% to under $42,000.
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Upgraded: December 11, 2023 at 8:59 am
Cover art/illustration by means of CryptoSlate. Image consists of combined material which might consist of AI-generated material.
Almost 120,000 crypto traders lost more than $400 million in the previous 24 hours as digital possession rates dropped throughout the opening of Asia trading hours on Dec. 11.
Coinglass information suggests that around $356 countless these liquidations were credited to long positions, marking the most substantial single-day loss driven by long speculation in the last 4 months. Furthermore, brief traders dealt with losses amounting to $54.79 million.
Crypto Market Liquidations. (Source: Coinglass)
Bitcoin traders bore the force of these losses, representing around $104 million in overall liquidations. Long positions in BTC contributed $90.9 million to this figure, while shorts represented $12.12 million.
Ethereum financiers likewise dealt with substantial losses, with around $74.62 million liquidated in long positions together with $6.52 million from brief positions.
