On February 24, 2023, the price of bitcoin remained above the $23,000 threshold and rose to a peak of $23,829 per unit on March 1. On March 2 at 8 p.m. ET, the bit coin prices fell, falling below the $23,000 mark. The decline led to the liquidation of $237.97 million worth of longs on various crypto derivatives exchanges. Of that total, $206 million in liquidations occurred on March 2 alone.
Bitcoin derivatives recorded $237 million in liquidations in 24 hours
In the past 24 hours, 65 cryptocurrency derivatives exchanges recorded $171 billion in trading volume, which representsa 21.85% change from the previous day.Throughout February, bitcoin futuresvolumeand open interest increased, reaching a total of $791 billion, of which Binance accounted for $468 billion.
On February 21, 2023, total open interest in bitcoin futures peaked at $9.73 billion, but has since declined to$9.06 billion as of March 2 The price of BTCremained above the $23,000 threshold for about seven days until March 2.
But on Thursday, it plunged to a low of $22,259 per coin. There were many long positions before the drop, and according to Coinglassstatistics78,116 traders were liquidated when prices fell at 8 p.m. ET. Total liquidations after the price change were $237.97 million, with the largest liquidation occurring at Okx.
On March 2 alone, $206 million worth of liquidations took place, and 90% of positions were long; according to Coinglass, forBTCOkx’s /USD swap was worth about $4.16 million. In the past 24 hours, Binance, Bybit, and Okx experienced the most liquidations, followed by Huobi, Coinex, and Deribit.
On March 2, there were $9.2 million in short positions betting onThe value of BTCincreased; March 2 liquidations were nearly equal to the number of liquidations that occurred on February 8, when $254 million in long positions were wiped out; March 2 liquidations were $190 million long positions were liquidated on January 17, which more closely matched the January 17 liquidation, when $190 million in long positions were liquidated.
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