Rollercoaster bitcoin, ether price action leads to $286 million liquidations
Major cryptocurrencies are unchanged over 24 hours. But masking the calm are erratic back-and-forth price swings around the Fed meeting that flushed out leveraged futures bets, triggering heavy liquidations.
About $286 million in positions were liquidated across 87,294 traders in 24 hours, according to CoinGlass. Longs accounted for $186 million of the damage and shorts $100 million, the signature of a market that moved hard in both directions and settled back where it started.
Bitcoin’s data show that both bulls and bears have borne the brunt of liquidations. Roughly $57 million in bitcoin positions were cleared, and the balance was nearly even, with about $28 million in longs against $29 million in shorts. The price swung between $63,247 and $64,660 during the window, a range of barely 2%, which was enough to clear traders positioned either way.
The single biggest liquidation was a $2.9 million bitcoin position on Binance.
Ether recorded the largest total at about $58 million, tilted toward longs, as prices ranged between $1,850 and $1,920. As of this writing, bitcoin traded at around $63,900, roughly where it was 24 hours ago. The same is true for ether (ETH), which traded at $1,900.
