$ 2.7 billion settled in an hour as volatility hits crypto markets

Cryptocurrency markets were hit by a new round of selling on Tuesday afternoon (starting at 15:21 UTC), as bitcoin (BTC), ethereum (ETH), and many altcoins fell by double-digit percentages in less than two hours.

At press time, bitcoin was down 8.7% in the past 24 hours and was trading at $ 46.2k, according to CoinGecko price data. However, this is still significantly higher than the low of just over $ 42,900 that was observed. Binance previously in liquidation and $ 42,850 seen on Coinbase.

Strong bearish moves have also led to large sell-offs on derivatives exchanges, with more than $ 2.7 billion settled in a single hour across all exchanges and trading pairs, according to data from Bybt.com.

Looking at the data from Torcido, one could also see massive liquidations of over-indebted positions in the bitcoin market, with more than $ 750 million liquidated in an hour just for bitcoins.

Leveraged trading refers to borrowing funds so that you can take a larger position than you could with existing funds so that you can generate a larger profit. However, while trading on margin allows traders to extend their returns, it can also lead to higher losses and settlements, which is why seasoned traders tend to advise newcomers to stay away from leveraged trading.

Yet despite rekt’s derivatives trading, El Salvador’s president and bitcoin advocate Nayib Bukele tweeted that his country is “buying the drop”:

Read also Recent survey shows that 77% of Russian investors prefer Bitcoin to gold

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Learn more: Regulators point out that cryptocurrency derivatives traders boast Cryptocurrency exchange self-regulation kicks in when regulators start to start ___ (Updated at 15:57 UTC with a paragraph on leveraged trading).

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