Crypto liquidations top $300M as Bitcoin drops below $20k News ▸ US ▸ Binance ▸ Bitcoin ▸ Bear Market
Crypto liquidations top $300M as Bitcoin drops below $20k
Bitcoin had a negative netflow of $13.7 million as investors withdrew more BTCs from exchanges during the last 24 hours, according to Glassnode data.
2 min read
Updated: Mar. 10, 2023 at 9:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin (BTC) tumbled below $20,000 for the first time since the beginning of the year and liquidated $123.25 million long positions held on the assets in the last 24 hours, according to Coinglass data.
Across the broader crypto market, the total liquidations were $323.86 million over the last 24 hours, according to Coinglass data. The sell-off wiped off all traders who took long positions on the market.
Meanwhile, $114.14 million was liquidated on Binance alone. Other exchanges with top liquidations included OKX and Huobi, with $78.1 million and $43 million, respectively. During this period, 98,955 traders were liquidated — the most significant liquidation being a $9.49 million long position on BTC.
Bitcoin falls below $20k
In the last 24 hours, the flagship digital asset fell to $19,968 at the time of writing, according to CryptoSlate’s data.
Bitcoin had a negative net flow of $13.7 million during the period. Glassnode data showed that while $782.9 million BTC was sent to crypto exchanges over the reporting period, investors withdrew $796.6 million as the bears took over the market,
Meanwhile, BTC analyst Barovirtual, citing CryptoQuant data, said BTC miners were putting pressure on the asset. It noted that the miners had increased the pressure from March 1, which could decrease the asset’s value to either $19,500 or $16,600.
Besides that, BTC short-term holders cashed out their profits as the profit ratio rose above 5%, according to CryptoQuant data.
The Silvergate, KuCoin factor
The recent market bloodbath has also coincided with the current issues battling crypto-friendly bank Silvergate and the lawsuit filed against the KuCoin crypto exchange by the New York authorities.
On March 8, Silvergate said it would “voluntarily liquidate” its assets and shut down operations. A CryptoSlate report identified how the bank’s struggles had impacted crypto’s U.S. Dollar market depth over the past month following.
In its lawsuit against KuCoin, New York alleged that Ethereum was a security, further fueling fears surrounding the digital asset.
Meanwhile, U.S. President Joe Biden proposed a 30% crypto-mining tax on all energy costs involved in cryptocurrency mining.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,462.84
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Silvergate
Silvergate is a Federal Reserve member bank and the leading provider of innovative financial infrastructure solutions and services for the growing digital currency industry, based in La Jolla, California.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.