Crypto Liquidations Surpass $700 Million
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Bitcoin (BTC) continued to fall on Friday, following an overnight bout of volatility that brought the largest cryptocurrency to six-month lows. According to Cointelegraph Markets Pro and TradingView data, BTC/USD has reverted to $38,250 after losing almost $4,000 in hours. At $39,000 at the time of writing, traders were stunned by the abrupt drop, which happened just as BTC had reached multi-day highs, surpassing $43,000.
As a result, liquidity across trading platforms was predictably strong. The total 24-hour position turnover for Bitcoin and altcoins was $725 million, with BTC positions contributing for $292 million. The great majority of fatalities were lengthy positions, indicating that the region surrounding $40,000 had earned a lot of trust as a reliable support line. According to Cointelegraph, the major cause of the volatility was Friday's options expiry, which involved almost $600 million in open interest. Outside events, on the other hand, such as Russia's proposed blanket ban on crypto trade and mining, proved to have little to no effect.
Altcoins, on the other hand, were impacted far harder when Bitcoin plummeted. Out of the top ten cryptocurrencies by market capitalization, 10% dips were prevalent and recoveries were scarce, with only Terra (LUNA) limiting losses to less than 5%. Ether (ETH) plummeted below critical support at $2,800, the location of an all-time high from last April, to cap weekly losses reaching 15%.
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