February 24, 2024

Cryptos See Over $1B in Liquidations as Bitcoin, Ether Lose Major Support Levels

Crypto exchange FTX recorded over $417 million in liquidations, the most among its counterparts, followed by OKX at $251 million and Binance at $198 million.

Open interest – or the number of unsettled futures contracts – decreased by 7% in the past 24 hours to $23 billion, suggesting a considerable number of traders closed their positions expecting further market volatility.

Bitcoin traded at just over $22,000 in European hours on Tuesday, continuing a nearly 12-week slide. The asset has lost some 66% of its value from lifetime highs of $69,000 in November.

Much of the decline in the past few months has come as the U.S. Federal Reserve (Fed) plans to hike rates in the coming months to battle the ill effects of record inflation – a move that has inadvertently caused a slide in global stocks and subsequently cryptocurrencies as investors take money off assets deemed risky.

Sentiment among market observers remains bearish with some warning of ‘severe losses’ ahead.

https://www.coindesk.com/markets/2022/06/14/cryptos-see-over-1b-in-liquidations-as-bitcoin-ether-lose-major-support-levels/

NASDAQ and NYSE quotes and data are delayed 15 minutes unless indicated otherwise. Market data and exchange information are provided for informational purposes only and is not intended for trading purposes. Neither 24/7 Market News Editors, 247 Market News, or data and content providers shall be liable for any errors or omissions, delays, misquotes or other market information relayed in any press materials. You should Use Realtime data to conduct due diligence before investing or trading, and trading in any stock is risky you could lose all your money.