Bitcoin's Price Drop Causes Over $200 Million in Long Liquidations Across Crypto Derivative Exchanges
On Feb. 24, 2023, bitcoin’s price remained above the $23,000 threshold and then rose to a peak of $23,829 per unit on March 1. On March 2 at 8 p.m. Eastern Time, the price of bitcoin fell, dropping below the $23,000 mark. This decline resulted in a significant $237.97 million worth of long liquidations on a variety of crypto derivative ex change s. Of that total, $206 million in liquidations occurred on March 2 alone. Bitcoin Derivatives Record $237 Million Liquidated in 24 Hours In the past 24 hours, 65 cryptocurrency derivative ex change s recorded a trading volume of $171 billion, which represents a 21.85% change from the previous day. Throughout February, the trading volume and open interest for bitcoin futures increased, reaching a total of $791 billion, with Binance accounting for $468 billion of that amount. On Feb. 21, 2023, the total open interest in bitcoin futures peaked at $9.73 billion, but it has since decreased to $9.06 billion as of March 2. BTC’s price...