According to Coinglass data, approximately $400 million has been liquidated in leveraged transactions in the last 24 hours. We can say that this is the reason why Bitcoin (BTC) saw below $ 20 thousand for the first time in the last six weeks.
Bitcoin, which fell $ 4 thousand last week, generally watched in the band of $ 21 thousand. He tried to go up to $22,000, but that didn’t happen either.
The Effect of Fed Statements on Bitcoin
Yesterday, Fed chairman Jerome Powell’s statements about inflation had a negative impact on the price of Bitcoin. After the announcement, the cryptocurrency market started to decline. Bitcoin, which fell to the level of $ 19 thousand, saw below $ 20 thousand for the first time since July. The 375 million dollar liquidation came during this decline.
Liquidation amounts by hour, Source: CoinGlassThe largest portion of the $400 million liquidation took place in Ethereum. In total, $163 million in Ethereum and $17.4 million in Ethereum Classic were liquidated, while approximately $95 million was liquidated in Bitcoin (BTC). $153 million of the $400 million liquidation occurred in the last 12 hours. In total, 77% of long transactions were liquidated, while 23% of liquidation came from short transactions. While the majority of the transactions took place on the OKEX exchange, Binance took the second place and FTX took the third place.
While all this was happening, the declines in the important cryptocurrencies of the market such as Ethereum, AVAX, Solana reached double digits. While Ethereum (ETH) was hovering at $ 1,700 in the past days, it saw below $ 1,500 after the statements. In addition to all this, the total volume of cryptocurrencies fell from $ 1 trillion.
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