Hundreds of millions of dollars worth of crypto assets have liquidated in the past 24 hours as Bitcoin (BTC) plunges suddenly from its 2023 high.
New data from market research firm Coinglass reveals that just under $140,000,000 in digital assets was liquidated from prominent crypto exchange platforms during the last day as the king cypher bounces back from the $31,000 price point.
Bitcoin is trading at $30,305 at the time of writing, a fractional increase on the day but down 3.8% from its 2023 high of $31,479.
The data reveals that approximately $48 million worth of derivative contracts were removed from Binance, the world’s largest crypto exchange platform, most of which were long positions.
Seychelles-based crypto exchange OKX saw just over $46 million in long and short positions liquidated, while Bybit and Huobi saw $25 million and $8 million respectively.
In addition, the crypto analytics firm finds that the digital assets with the most liquidated contracts during the past 24 hours include the king crypto, Ethereum (ETH), Bitcoin Cash (BCH), Solana (SOL), XRP, Polygon (MATIC), Dogecoin. (DOGE) and Pepe (PEPE).
BTC price drop and spike in liquidation activity come as new ADP report, which tracks U.S. employment levels, sharply exceeded expectations, leading the market to fear further rate hikes.
If mention by John Lynch, chief investment officer at Comerica Wealth Management, to CNBC,
“The market would clearly have preferred an in-line number. But because it was more than double expectations, that really raises the fear factor that the Fed should be more aggressive.”
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