More than a billion dollars worth of crypto assets are being liquidated as Bitcoin (BTC) threatens to trade below $20,000 and print a low last seen in December 2020.
Cryptocurrency futures trading and information site Coinglass reveals that over $1.30 billion worth of BTC positions have been decimated in the last 24 hours.
Both bulls and bears were impacted by the crypto markets’ wild price swings as each camp suffered losses to the tune of hundreds of millions of dollars worth of crypto. Those who were betting on the market to find a bottom and recover endured the worst of the collapse as Coinglass shows that more than $823 million worth of long positions were annihilated in the past day.
Traders who believed the crypto markets will capitulate in a straight line were also at the mercy of extreme volatility as $578 million worth of short positions were obliterated over the same timeframe.
As the crypto markets continue to sustain heavy losses, Coinglass reveals Bitcoin traders lost more than 30,780 BTC worth $667.49 million between June 13th and June 14th. At a close second are Ethereum (ETH) traders who wiped out 405,190 ETH worth $453.39 million over the same timeframe.
At time of writing, Bitcoin is changing hands for $21,537, down over 17% the past day. Meanwhile, Ethereum is trading at $1,116, down over 17% as well over the same timeframe.
All in all, 273,121 crypto traders have been liquidated in just the last 24 hours, according to Coinglass.
