Binance and the US agenda liquidated $226 million from the market, mainly long positions.
The crypto market shook last night. The USA imposed a billion dollar fine on Binance. Binance agreed to pay this penalty. Additionally, CZ paid a $50 million fine and pleaded guilty to the charges. CZ also left Binance after admitting the accusations. Binance’s CEO has now retired.
This escalation of the agenda had a hard impact on the already swollen crypto market. Volatility occurred in the market as Binance and the US news flow suddenly dropped to the agenda. According to Coinglass data, $226 million was liquidated in the last 24 hours. The majority of these liquidations were long transactions.
Things got messy in crypto: Quarter billion dollars liquidated
The crypto market was shaken when Binance was exposed to US sanctions. The US Department of Justice (DOJ) and Binance reached a settlement. Binance agreed to pay a $4.3 billion penalty to the United States. Additionally, Binance CEO CZ also resigned and paid penance.
This entire agenda had an instant impact on the crypto market. Last evening, when volatility increased, BTC first decreased and then rose. BTC’s mobility victimized investors.
According to data from Coinglass, Binance and the US news stream liquidated $226 million from the crypto market. $176 million of the liquidations occurred in long (bullish) transactions.
According to the heat map, the highest data among liquidations came from BTC. Long transactions worth $66.81 million in BTC were liquidated. While $28.17 million worth of long transactions were liquidated on ETH, $10 million long transactions on SOL evaporated.
According to Coinglass data, more than 92 thousand traders were liquidated in the last 24 hours. The highest liquidation took place on the Bybit exchange. In this exchange, $2.35 million evaporated in a single transaction.
In the crypto market, which has been moving with bullish expectations for a long time, the liquidation of long transactions created anxiety. Especially the fact that Binance accepted the accusations and paid the penalty made us think about the possibility of a new crisis. However, although BTC was shaken despite the heat of the agenda, it did not collapse. BTC price dropped to 36.5 thousand dollars again during the day.
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