Hundreds of millions of dollars worth of crypto assets have been liquidated in the last 24 hours as Bitcoin (BTC) suddenly dips from its 2023 high.
New data from market intelligence firm Coinglass reveals that during the last day, just under $140,000,000 worth of digital assets were liquidated from prominent crypto exchange platforms as the king crypto retraces from the $31,000 price level.
Bitcoin is trading for $30,305 at time of writing, a fractional increase on the day but a 3.8% decrease from its 2023 high of $31,479.
The data unveils that about $48 million worth of derivatives contracts were expelled from Binance, the world’s largest crypto exchange platform, the majority of them being long positions.
Seychelles-based crypto exchange OKX saw just over $46 million worth of long and short positions liquidated, while Bybit and Huobi saw $25 million and $8 million, respectively.
Additionally, the crypto analytics firm finds that the digital assets with the most liquidated contracts during the last 24 hours include the king crypto, Ethereum (ETH), Bitcoin Cash (BCH), Solana (SOL), XRP, Polygon (MATIC), Dogecoin (DOGE) and Pepe (PEPE).
The dip in BTC’s price and spike in liquidation activity comes as the new ADP report, which tracks the level of employment in the US, greatly exceeded expectations, prompting market fears of further interest rate hikes.
As stated by John Lynch, chief investment officer at Comerica Wealth Management, to CNBC,
“The market clearly would have preferred an in-line number. But because it was more than double expectations, that really ratchets up the fear factor that the Fed would have to be more aggressive.”
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