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Futures tracking bitcoin (BTC) and ether (ETH) incurred roughly $200 million in liquidations on Thursday as market volatility caused prices to break above and down below barrier levels.
Bitcoin plummeted below $20,000 on Thursday amid a more significant decline in Eurasian markets, regained above that level, and dropped to as low as $18,650 in U.S. evening hours. In early Asian hours on Friday, a short squeeze caused bitcoin's price to surpass $20,900, which was immediately followed by a decline to $19,400 as traders grabbed winnings.
This is referred to as liquidation when an exchange terminates a trader's leveraged position owing to a partial or entire loss of the trader's initial margin. It occurs when a trader cannot satisfy the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Over $76 million in “longs,” or bets on rising prices, were liquidated due to Thursday’s decline. This most certainly sparked the early Friday am short squeeze.
Similar activity in ether futures resulted in the asset gaining more than $100 within hours, rising from Thursday’s lows of $966 to Friday’s opening price of $1,115. The 24-hour volume of ether futures liquidations exceeded $100 million, according to statistics from Coinglass.
Futures tracking other significant cryptocurrencies, such as Solana’s SOL and Avalanche’s AVAX, experienced little more than $5 million in liquidations, indicating that their price activity was primarily spot-driven.
As noted, the volatility occurred earlier this week as traders evaluated new statements from central bankers, indicating that a pause in rate rises may not materialize in the coming months.
Susannah Streeter, a market analyst at Hargreaves Lansdown, stated in an email to CoinDesk, “Fears rattling financial markets show little sign of subsiding.
“Investors (are) spooked about signs of looming recessions, while inflation stays stubbornly high.”
With the S&P 500 falling by 20,6 percent in the first half of the year, a decline not witnessed since 1970, a technical “bear market” has been established.
The tech-heavy NASDAQ, plagued by volatility, has fallen by a third this year and is on course for the worst annual decline in history.
Streeter stated that investors are concerned about demand and inflation and that the Federal Reserve and other central banks would need to increase interest rates to rein in “red-hot pricing.”
