Liquidations main reason for crypto sell-off, small amounts of realized losses

Quick Take

• CFTC is suing Binace over the alleged breaking of trading and derivatives rules.
• This saw a sell-off in the crypto market, with Bitcoin going down to $26,600.
• However, losses were extended for BNBUSD, which saw a price decline to 307, and its ratio compared to Bitcoin went down to a sixth-month low of 0.011.
• Liquidations were plenty, over $100 million in the past 4 hours for the entire crypto ecosystem, according to Coinglass.
• Roughly $65 million of realized losses in the past few hours is a very small amount when comparing year-to-date.
• This is not a capitulation event compared to previous dates this year, such as Jan 26 and March 7, which saw hundreds of millions of losses.

Analyst View profile →

James Van Straten

Former Lead Analyst • CryptoSlate

James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.

@jvs_btc LinkedIn

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.