Tensions continue in the Middle East. The reverberations of the weekend clashes between Hamas and Israel also impacted the cryptocurrency market. This has led to many investors facing significant liquidations.
For the previous news; Middle East Tensions Escalate: Oil and Forex Markets Feel the Heat Amid Israel-Hamas Conflict
According to recent data, there were liquidations of over $100 million in the cryptocurrency market. As per CoinGlass’s report, within just one day, $105 million worth of long positions were liquidated. This has been recorded as the largest single-day liquidation since September 11th.
According to recent data, there were liquidations of over $100 million in the cryptocurrency market. As per CoinGlass’s report, within just one day, $105 million worth of long positions were liquidated. This has been recorded as the largest single-day liquidation since September 11th.
Bitcoin is currently trading at $27,600. On the other hand, after its decline yesterday, Ethereum regained over 3% in value, rising to levels of $1,590.
With this decline in Bitcoin, investors who couldn’t meet their margin requirements or didn’t have sufficient funds to maintain their positions also faced significant losses. Ethereum derivative investors took the biggest hit during this period; in the last 24 hours, $32.78 million worth of long positions were liquidated. The largest single liquidation transaction of the day was a $4.5 million ETH-BUSD long order on the Binance cryptocurrency exchange.
Source: Coindesk
