Crypto traders woke up to $3.7 billion in liquidations today as the market saw a deep pullback, data from markets tool Bybt shows.
$3.72B and 341,347 traders were liquidated in 24h.
Never a dull day in crypto. pic.twitter.com/bWdBi0sj2u
— Lex Moskovski (@mskvsk) May 13, 2021
The dump came shortly after Ethereum creator Vitalik Buterin dumped his ‘petcoins’ and Tesla discontinued Bitcoin payments for its cars. Both the moves stirred up controversy and criticism from those in the crypto space.
What happened?
Over 340,000 traders were ‘liquidated,’ with the largest single liquidation order occurring on crypto exchange Huobi—a Bitcoin trade with a value of $38.7 million.
For the uninitiated, ‘liquidations’ occur when traders borrow excess capital from brokerages/exchanges (i.e., ‘margin’ or trading futures) to place bigger bets on the assets they trade. They pay a fixed fee for doing so, while exchanges close out these positions at a predetermined price—when the tra
Źródło: https://cryptoslate.com/3-72-billion-liquidated-cryptos-fall/
