Bitcoin runup has deprived traders of $3 billion since late November

Since the beginning of December, a roller coaster in Bitcoin has led to the forced closure of positions of leveraged traders worth over $1 billion, and since the end of November, losses have exceeded $3 billion.

Having reached record levels, Bitcoin has already tried several times to break through the $20,000 mark, but each time it rolled back, taking traders’ money with it.

Over the past 24 hours, according to the service data, which is cited by RBC, due to the decrease in the price of the most popular cryptocurrency by 6% (to $17.9), exchanges have liquidated the positions of 67K users who have lost $517 million.

Basically, supporters of margin trading, who held open long positions, suffered: on most sites among the total volume of liquidations, the share of “longs” is 90-97%, the newspaper notes.

The largest loss was more than $10 million, and the Binance exchange closed the most positions – for a total of $233 million.

Meanwhile, on December 1, the losses of traders were large: hitting the $20K bar, bitcoin fell to $18.1K, which resulted in the liquidation of the positions of 74.4K users for a total of $730 million.

But, as RBC notes, this is not the limit: at the end of November, when Bitcoin made its first attempt in 2020 to rise above $20K and collapsed to $16.2K, the volume of liquidations reached $1.9 billion.

Author profile
What's your reaction?
Leave a Comment