Bitcoin drops below $60,000 triggering almost $875 million in liquidations Bitcoin drops below $60,000 triggering almost $875 million in liquidations
Bitcoin experienced a 10% correction in a day, pulling the rest of the market in the red.
1 min read
Updated: Nov. 17, 2021 at 6:45 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The cryptocurrency market saw almost $875 million in liquidations on Tuesday, with over 215,000 traders liquidated across multiple exchanges.
According to data from CoinGlass, the largest single liquidation order happened on Binance, where a $10.37 million LTC/USD position was closed. Bitcoin led the way when it comes to liquidation size, with just under $7 million, or 114.83 BTC liquidated. Around $3.8 million in ETH positions were also closed, CoinGlass showed.
Despite an overall rise in the open interest of Bitcoin futures, today’s sharp drop led to a noticeable change in funding rates. Funding rates are periodic payments made either to long or short traders based on the difference between perpetual contract prices and spot prices. A bullish market comes with positive rates that rise over time, while bearish sentiment brings negative funding rates.
Data from DeFi Rate showed that the funding rates across four major exchangesโBinance, FTX, BitMEX, and dYdXโsaw a major decline. dYdX and FTX were today’s bearish leaders, with both seeing negative funding rates.
Mentioned in this article
Author 
Andjela Radmilac
Armed with a classical education and an eye for news, Andjela dove head deep into the crypto industry in 2018 after spending years covering politics.
Latest Bitcoin Stories
You might also enjoy...
In this article
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
BitMEX
HDR Global Trading Limited owns and operates BitMEX which is a trading platform that offers investors access to the global financial markets using only Bitcoin.