Long

United

Bitcoin

Impact

<p>In the fast-paced world of <a href="https://www.cryptopolitan.com/coinbase-through-bonds-capitalize-on-crypto/" rel="noopener noreferrer nofollow">cryptocurrency</a> trading, the last 24 hours have seen significant upheaval, with over $361 million worth of leveraged trades being liquidated. The leading cryptocurrency, Bitcoin, experienced a rollercoaster ride, reaching a new all-time high of $73,050 before retreating below $70,000 on March 12. This drastic price movement has sparked a flurry of activity among traders, with some anticipating a correction while others fear missing out on further rallies.</p>
<h2 class="wp-block-heading" id="market-dynamics-long-positions-erased-volatility-persists">Market dynamics: Long positions erased, volatility persists</h2>
<p>Most of the liquidations were attributed to long positions, amounting to a staggering $258 million loss. Conversely, short sellers faced losses of over $103 million. This massive liquidation event marks the largest long flush-out since March 5, underscoring the heightened volatility in the cryptocurrency market.</p>
<p>Despite the substantial liquidations, volatility in Bitcoin’s price was relatively contained compared to previous instances. The price swung by 4.85% between its low of $69,365 and high of $72,733, according to CoinGecko. As of the time of publication, Bitcoin has stabilized around $71,400.</p>
<p>According to insights from 10x Research, the surge in volatility can be attributed to traders’ conflicting sentiments. Some traders are growing increasingly nervous about a potential price correction, particularly as Bitcoin has failed to rally during United States trading hours, coinciding with the launch of ETFs. Concurrently, there is a prevailing fear of missing out (FOMO) among investors, fueling speculation that the rally may persist.</p>
<p>Additionally, 10x Research highlighted a 5% increase in futures open interest over the weekend, suggesting that traders actively engage in the market with tight stop-loss orders. This influx of activity underscores the uncertainty prevailing among market participants.</p>
<h2 class="wp-block-heading" id="impact-across-the-cryptocurrency-landscape">Impact across the cryptocurrency landscape</h2>
<p>Bitcoin and Ether led the pack in terms of liquidations, with losses amounting to $106.3 million and $73.3 million, respectively. Other cryptocurrencies such as Solana, Dogecoin, and the Bitcoin-based memecoin Ordi (ORDI) also witnessed significant liquidations, indicating the widespread impact of the market turbulence.</p>
<p>Crypto exchanges bore the brunt of the liquidations, with OKX experiencing the highest losses, totaling $152 million, followed by Binance with combined losses of $128.4 million. These exchanges serve as key hubs for cryptocurrency trading, and their involvement underscores the scale of the liquidation event.<br></p>
<p>Short sellers have faced considerable challenges amidst <a href="https://www.cryptopolitan.com/rochards-interpretation-of-the-us-government/" rel="noopener noreferrer nofollow">Bitcoin’s</a> relentless rally. Research from S3 Partners revealed that short sellers incurred losses exceeding $6 billion in their attempts to bet against publicly traded crypto firms during the first 11 months of 2023. This staggering figure coincides with Bitcoin’s remarkable surge of 130% to $37,800 over the same period, highlighting the uphill battle those betting against the cryptocurrency face.</p>

Bitcoin liquidations reach $361M as traders navigate volatility

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