Analytics / Forex and Crypto News
Bitcoin failed to gain enough support to hold above $60000. Today, the BTC/USD pair dropped to a low of $54555, but at the time of publication has risen to the area of $56480.
According to The Block, as a result of today's decline, a massive liquidation of futures worth more than $1 billion was recorded. More than 190,000 orders were forcibly liquidated within 24 hours.
Forced liquidation of futures began after the price of Bitcoin dropped below the acceptable value. Trading platforms make such actions as traders become unable to fulfill their debt obligations to the exchange.
Most orders were liquidated on the Binance exchange (up to $435 million). On the Bybit exchange, orders worth $328 million were liquidated. Huobi liquidated orders up to $192 million.
Exchanges have already resorted to similar actions in February. Then the price of Bitcoin declined almost by $10000 in one day. It was the largest one-day futures liquidation.
In addition to orders with Bitcoin, orders with Ethereum and Polkadot were eliminated.