On the morning of Sunday, August 2, the price of bitcoin overcame the $ 12,000 mark during trading, but did not stay above it. Within a few minutes, the quotes of the leading cryptocurrency fell to the level of $ 11,200.
At the moment, bitcoin fell below $ 11,000.
The sharp price movement led to a cascade of liquidations of positions on crypto derivatives exchanges. On BitMEX, liquidation volume was $ 147 million per hour.
The total volume of liquidated positions in crypto derivatives during the fall exceeded $ 1 billion.
$1b worth of liquidations across the market on this dump.
– Hsaka (@HsakaTrades) August 2, 2020
According to The Block analyst Larry Chermak, open interest in bitcoin futures has dropped by $ 107 million over the past 24 hours on BitMEX. The figure has also decreased by more than $ 50 million on OKEx, Huobi and Binance.
In the last 24 hours, BitMEX lost the most open interest in Bitcoin futures — about $105M. Followed by OKEx, Huobi, and Binance (all losing more than $50M). pic.twitter.com/HzJeiKxRJg
— Larry Cermak (@lawmaster) August 2, 2020
All leading cryptocurrencies have collapsed in sync with Bitcoin. At the time of writing, only XRP and Ethereum (ETH) remain in the green zone for the last 24 hours. The price of the latter fell from above $ 400.
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