Data shows over $333 million cryptocurrency futures shorts have found liquidation in the past day after Bitcoin registered a plunge towards $42,000.
Cryptocurrency Market Sees Long Squeeze Following Bitcoin Plunge
Bitcoin and the cryptocurrency sector as a whole have gone through some sharp volatility in the past day and as is usually the case, this volatility has accompanied with it some shakeup for the futures side of the market.
As data from CoinGlass below shows, the sector has observed over $389 million in total liquidations over the past 24 hours.
“Liquidation” here naturally refers to the forced closure that any contract undergoes after it amasses losses of a specific degree (the exact value of which may be dependent on the derivative platform it’s open with).
The volatility inside this period has been towards the downside, with Bitcoin initially observing a drop to as low as $40,600 before bouncing back to the current $42,000 levels, so it’s not surprising that longs h
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