Monday’s liquidations meant 78% of all bitcoin ($BTC) futures traders took on losses, data from Coinglass shows. By shauryamalwa.
Bitcoin added over 11% in the past 24 hours to trade above $24,700 on Tuesday, retracting all losses from over the weekend and setting a three-week high.
Over $100 million worth of bitcoin shorts, or bets against a rise in prices, was liquidated on Monday. This was the highest liquidated amount since Jan.14, when a bitcoin surge caused $500 million in liquidation across several crypto futures.Coinglass showsLiquidation refers to when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position .
Bitcoin prices rose as U.S. bank stocks dropped steeply on Monday, exacerbated by fears of a similar bank run on regional outlets following last week’s collapse of Silicon Valley Bank.
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