Crypto bl00dbath: $840 million liquidation as Bitcoin falls to $30,000.
It is bl00d on the streets in the cryptocurrency space as flagship cryptocurrency asset, Bitcoin has dropped by over 11% in the last 24 hours to trade in the $30,000 support zone, a price point Bitcoin has not traded since July 2021.
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As a result of the market downturn, data from Coin Glass reveals that 207,965 traders have been liquidated to the tune of $846.54 million in the last 24 hours as the market continues its selloff, caused by policy decisions in the biggest economy in the world, the United States.
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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.
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Crypto bl00dbath: $840 million liquidation as Bitcoin falls to $30,000.
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