$4.4B Liquidated From Crypto Exchanges As Bitcoin's Market Cap Falls Under $1 Trillion
What happened: Bitcoin, Ethereum, and other major cryptocurrencies fell over 17% as the crypto market was dominated by red candles.
Bitcoin was trading at $ 46,500 at press time, and its market cap fell below $ 1 trillion for the first time since it topped a week ago.
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The second largest cryptocurrency by market capitalization fell even further, falling over 23% to $ 1,452 at the time of writing.
Why It Matters: The sell-off in the crypto market had a significant impact on traders' positions.
Over 474,968 traders have been liquidated in the past 24 hours, with a total of $ 4.4 billion liquidated through crypto exchanges.
According to the Crypto Exchange Data Aggregator Bybt, this was the largest liquidation event in the history of Bitcoin futures, with a record number of long positions being liquidated.
474,968 dealers have been liquidated in the past 24 hours. A total of $ 4.4 billion was liquidated! This is the craziest day in the history of #bitcoin futures.
- Bybt (@bybt_com) February 23, 2021
What Else: There have been reports of declines in Bitcoin reserves at several crypto exchanges, including Binance and Gemini.
As the exchange's Bitcoin reserves continue to decline, the cryptocurrency's liquidity is shrinking. As a result, even a small volume of trade can have a big impact on price.
On-chain data from Santiment showed that a single wallet address contributed to bitcoin's price tracking.
As we noted yesterday, there was an 11-fold increase in the exchange rate inflow that triggered # Bitcoin's price correction of $ 58.3,000 USD #ATH. Further combinations of data revealed that one address was responsible for the second largest BTC transaction of the year, an import of 2,700 tokens into the wallet pic.twitter.com/CTgtJr27np
- Santiment (@santimentfeed) February 23, 2021
The user of the address in question withdrew 2,700 BTC tokens, which at the time were worth nearly $ 160 million, from being exchanged for their individual wallet.
Image: Pepi Stojanovski via Unsplash
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