Crypto Market Wipes Out $286 Million in Derivatives Positions

Nearly $286 million in crypto derivatives positions were liquidated over the past 24 hours as Bitcoin and Ether traded relatively flat.

The sharp price swings saw longs accounting for $186 million of the damage, while shorts accounted for $100 million. This indicates that traders positioned both ways suffered losses as prices moved hard in both directions before settling back where they started.

BTC's price fluctuated between $63,247 and $64,660, a range of barely 2%, which was enough to clear traders holding either long or short positions. Ether saw the largest total liquidation at about $58 million, with prices ranging between $1,920 and $1,850.

The Federal Reserve's rate decision on Wednesday contributed to the market volatility, with $188 million in liquidations occurring in the 12 hours around it, mostly from long positions. Longs bore $130 million of the damage during this time.