Crypto Markets Wipe Out $280 Million in Whirlwind Price Swings
A whirlwind 24 hours in cryptocurrency markets saw nearly $286 million in crypto derivatives positions liquidated, even as Bitcoin and Ether prices remained relatively flat. The sharp price swings that led to these massive liquidations were less than 2% for both major coins.
The Federal Reserve's rate decision on Wednesday was within this time frame, and the bulk of the damage came in the 12 hours surrounding it, with $188 million liquidated and longs bearing $130 million. Bitcoin prices ranged from $63,247 to $64,660 during this period, while Ether fluctuated between $1,920 and $1,850.
The largest single liquidation was a $2.9 million Bitcoin position on Binance. Longs accounted for $186 million of the damage, while shorts made up $100 million. This indicates that traders were positioned in both directions, with roughly equal numbers of longs and shorts being cleared out.