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Over $110 Million in Crypto Liquidated as BTC and ETH Suffer More Losses

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Thu, 05/26/2022 - 10:51
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Yuri Molchan
While Bitcoin and Ethereum keep plunging, crypto traders are facing massive liquidations
Over $110 Million in Crypto Liquidated as BTC and ETH Suffer More Losses
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As Bitcoin briefly went down to the $28,955 level and Ethereum dropped to the $1,830 level, a wave of liquidations rolled across multiple crypto exchanges, making traders lose $116 million within an hour, according to data provided by Coinglass.

Bitcoin positions liquidated total over $41 million. The largest amount of long liquidations were spotted on Bitfinex ($28.98 million), Okex ($44.68 million) and Binance ($22.47 million).

A liquidation takes place automatically when a trader loses their initial margin on a position.

By now, the leading digital currency has recovered to $29,191, and Ethereum is changing hands at $1,841.

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As Bitcoin keeps holding in the $29,000 zone, Santiment has tweeted that a certain number of major whale wallets keep going up.

These addresses contain between 100 BTC and 1,000 BTC. These wallets have been acquiring more Bitcoin since late January, when the price plummeted to the $33,500 area. Compared to three months ago, nearly 190 new wallets have been added here.

From the historical point of view, Santiment says, the rising amount of this type of BTC address shows a correlation with the price as both begin to go up.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.