Crypto traders took some of their biggest hits in recent times as a sudden purge across the crypto market saw $3.7 billion worth of trading positions liquidated, data from multiple sources showed.
‘Liquidations,’ for the uninitiated, occur when leveraged positions are automatically closed out by exchanges/brokerages as a “safety mechanism.” Futures and margin traders—who borrow capital from exchanges (usually in multiples) to place bigger bets—put up a small collateral amount before placing a trade.
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