Crypto-Exchanges Forcibly Closed Positions of 304,000 Users

Over the past 24 hours crypto-exchanges forcibly closed positions of 304 thousand users. One of them lost $90 million.

Crypto-Exchanges Forcibly Closed Positions of 304,000 Users

Crypto traders lost $2.4 billion in 24 hours as bitcoin fell to its February low of $42,100. According to bybt service, 304 thousand users of trading platforms were forced to close their positions over the past 24 hours. One trader lost $90 million on a trade in bitcoin.

Bitcoin transactions accounted for the largest number of liquidations at $1.27 billion, with Ethereum coming in second place. Crypto exchanges forcibly closed $527 million worth of user positions that traded altcoin. 81% of the positions liquidated over the past 24 hours were long. This means that traders were expecting further growth of the asset price.

Liquidation over the past 24 hours is not the largest. Traders lost $3.5 billion in cryptocurrency transactions on May 12, $3.4 billion on April 22, and $9.3 billion on April 17.

On the morning of May 17, the bitcoin rate was falling to a three-month low of $42,100. The largest altcoins also showed decline. Price of Ethereum fell by 11%, Binance Coin, Cardano and XRP – by 10%.

The fall in quotations of cryptocurrencies occurred against the background of statements of the CEO of Tesla Elon Musk. The billionaire criticized bitcoin and questioned its decentralized nature. Musk also responded with the word “really” to a post by one user who suggested that Tesla would report selling all of its bitcoins in the next quarter.

The head of the automaker later wrote that the company had not sold a single bitcoin. The price of the cryptocurrency rose after that. As of 12:50, bitcoin is trading at $45,100. Over the past 24 hours, it has fallen in price by 8%.

 

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