The post Crypto Sees $1B Flush As Bitcoin Shows ATH Rollercoaster appeared on BitcoinEthereumNews.com.

Data shows the cryptocurrency derivatives market has suffered a lot of liquidations as Bitcoin has gone through volatility in the past day. Bitcoin Has Gone Through A Bit Of A Rollercoaster Over The Last 24 Hours Bitcoin has seen some wild price action over the past day in which it has not only set a new all-time high (ATH) close to the $90,000 mark but also marked a low around the $85,000 level. The chart below displays what the asset’s recent trajectory has been like. The price of the coin appears to have been rising recently | Source: BTCUSDT on TradingView The graph shows that since the $85,000 low, BTC has already bounced back to $88,500, which means its price has almost returned from the plummet. Given that most of the coins in the sector closely react to movements in the value of the original cryptocurrency, their prices have also gone through similar volatility. A consequence of all this sharp action has been that chaos has occurred on the derivatives side of the market, as speculators have scrambled to predict where the assets would head next, only for a large chunk of them to end up in failure. Nearly $1 Billion In Crypto Has Just Been Liquidated According to data from CoinGlass, many contracts have found liquidation during the past day. “Liquidation” refers to the process that any open contract undergoes after amassing losses of a certain degree, where its platform forcibly shuts it down. Here is a table that displays the numbers related to the latest mass liquidation event in the sector: Looks like the liquidations have heavily tended towards longs during this window | Source: CoinGlass The cryptocurrency derivatives market appears to have seen liquidations amounting to $973 million in the last 24 hours, out of which $580…

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Filed under: News - @ November 13, 2024 11:24 am