On February 24, 2023, the bitcoin price stayed above the $23,000 threshold and then rose to a high of $23,829 per unit on March 1. On March 2 at 8 PM ET, the bitcoin price fell, falling below the $23,000 mark. This decline resulted in a significant amount of $237.97 million in long liquidations on a variety of exchanges. of cryptographic derivatives. Of that total, $206 million in settlements occurred on March 2 alone.
Bitcoin derivatives record $237 million settled in 24 hours
In the last 24 hours, 65 cryptocurrency derivatives exchanges recorded a trading volume of $171 billion, representing a 21.85% change the previous day. Throughout February, the trade volume and open interest for bitcoin futures increased, reaching a total of $791 billion, with Binance accounting for $468 billion of that amount.
On February 21, 2023, total open interest in bitcoin futures peaked at $9.73 billion, but has since declined to $9.06 billion starting March 2. BTCThe price of remained above the $23,000 threshold for approximately seven days leading up to March 2.
However, on Thursday, the price crashed to a low of $22,259 per coin. Before the crash, there were many long positions and according to Statistics From Coinglass, 78,116 traders were liquidated when the price fell at 8 p.m. ET. Total liquidations since the price change stand at $237.97 million, with the largest liquidation occurring at Okx.
On March 2 alone, $206 million worth of liquidations occurred, with 90% of the positions long. According to Coinglass, a BTCThe /USD trade on Okx was worth approximately $4.16 million. Binance, Bybit, and Okx experienced the most liquidations in the last 24 hours, followed by Huobi, Coinex, and Deribit.
On March 2, there were $9.2 million in short positions betting against BTCThe value of ‘s on the rise. The March 2 liquidations were almost as high as the number of long liquidations that occurred on February 8 when $254 million in long positions were wiped out. The March 2 liquidations were closer to those of January 17, in which $190 million in long positions were liquidated.
What do you think caused the recent drop in the price of Bitcoin and how do you think it will affect the future of the cryptocurrency market? Share your thoughts in the comments below.
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