The cryptocurrency has witnessed a mass sale in the last 24 hours, caused by the recent fallcoin fall (BTC) below $ 30,000. As a result, the positions of hundreds of thousands of cryptocurrency merchants were settled. For example, Coinglass data shows that more than one billion dollars have been eliminated in commercial positions in the last 24 hours.
Multimillionaire elimination
The operators waiting for a rebound were the most affected by the correction, since the previous day almost 750 million dollars were settled in long positions. Volatility also affected those who bet that cryptocurrencies will fall in a straight line, since almost USD 200 million in short positions were eliminated during the same period.
With a bearish impulse that took care of the cryptocurrencies, the merchants who tried to timed Ethereum (ETH) suffered their largest liquidations on May 9 with 152,380 ETH for a value of almost 340 million dollars. However, at the time of writing this article, the price of Ethereum has recovered a bit and is at $ 2379.
Bitcoin is also affected by the fall
Bitcoin merchants were not saved from the fall of the market, since 11,040 BTC worth $ 333.53 million were decimated when the king’s currency fell below the psychological brand of 30,000 dollars, a level that I had not seen Since July 2021.
In number three is the decentralized financial payments network (Luna). Coinglass informs that 1.97 million moon have been liquidated, for a value of more than $ 55 million. This was probably related to the problems that the project was experiencing with its stable currency (UST). There will still be more information about this.
In general, several important merchants were surprised by the fall of BTC below $ 30K. Bitcoin is currently back at $ 31,500. However, it is still questionable if you really have a bottom.