$165M ‘Long Position BTC’ Liquidated; A Give Up or Hang On? -Breaking
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© Reuters. $165M ‘Long Position BTC’ Liquidated; A Give Up or Hang On?- A $165 million liquidation of a long-term BTC position resulted from price falls
- Reports also indicate that $420 million in cryptocurrencies was liquidated.
- BTC currently trades at $36,146.37
The global market cap is down nearly 10% today as Bitcoin prices and altcoins fall. BTC is currently trading at $36,146.37 with a minus of -9.9% in the last 24 hours. BTC investors are facing a worse problem as $165 million in BTC long positions have been liquidated within the last day.
Today’s sale of $165m in long #Bitcoin positions resulted in a total liquidation. The highest in months…
— Bitcoin Archive (@BTC_Archive) May 6, 2022
BTC traders and holders who bought Bitcoin long positions expecting a price increase have seen their BTC assets liquidated at the fastest rate in the last few months. The expected price increase or prolonged position in BTC led to this liquidation.
It is also important to consider whether or not holders will be willing to give up BTC earnings. Crypto holders may make a profit if they hold a long position relative to the BTC price and the future coin prices rise.
Many crypto owners responded to the news with comments and responses. Kripto Man, a Twitterati posted that margins and greedy trading platforms are threatening the future of cryptocurrency, and will probably kill it, leading to a lack of confidence.
The system is promoted as “the money of the future” but margins and greedy markets will likely destroy this potential market. This can lead to a decrease in confidence. It is so tragic.
— KRİPTO MAN (@kriptomoney11) May 6, 2022
Tajo Crypto, also a crypto holder, said that leverage trading Bitcoin is difficult because it is highly volatile and subject to high risk high reward.
A number of crypto market monitors reported that orders for cryptocurrencies worth nearly $420million were cancelled during the fall in BTC prices. More than 65% were for long positions. ApeCoin, which was also liquidated after Bitcoin’s liquidation in 2017, is believed to have lost around $12M.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. This article is not intended to be used as investment advice. CoinQuora advises its users to research cryptocurrency before making any investment.
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