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May
06
Over 100,000 traders lose $403 million as Bitcoin falls below $36,000
By: In: Technology
   

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Risk in investing into bitcoin

It was a sea of red in the cryptocurrency space that has seen 103,518 traders having their accounts liquidated as Bitcoin and other cryptocurrencies sell-off, a day after the United States Federal Reserve handed down its policy decision to increase interest rate by half a percentage point.

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Liquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open). Liquidation occurs in both margin and futures trading.

The total liquidations from these traders amounted to a total of $403.42 million, with longs accounting for $344.52 million or 85.40% of the total liquidations. The shorts accounted for the rest of the total amount ($58.9 million).

What you should know

Bitcoin liquidations accounted for the most as expected, representing $191.19 million or 47.40% of the total liquidations in the last 24 hours. Ether came in second, accounting for $64.79 million and in third place, APE, accounted for $11.43 million.

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