$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	6,793,258,102	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

6,793,258,102

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.0082	-1.10%	0.7347	0.7348	0.735

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.0082

-1.10%

0.7347

0.7348

0.735

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.7491	0.7228	0.7412	0.7429	0.492200 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.7491

0.7228

0.7412

0.7429

0.492200 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	21:42:44	40.30	0.7347	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

21:42:44

40.30

0.7347

USD

Price x Volume	Volume	Base Symbol	Related Pairs
4,721,347.59	6,425,441.74	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

4,721,347.59

6,425,441.74

$127 Million In Bitcoin And Ethereum Positions Liquidated Amid Market Drop

07/06/2022 10:00pm

NEWSBTC

Data shows that over the past 24 hours, more than $127 million in Bitcoin and Ethereum futures have been liquidated. The price of both cryptos has decreased by 6% and 7%, respectively, wiping out the recent gain. According to Coinglass statistics, Bitcoin futures alone lost $57.78 million, implying that most trading activity and open interest were restricted by market capitalization to the most prominent cryptocurrency. However, Ethereum futures suffered a $64 million loss. Related Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose? Liquidations occur when an exchange closes a leveraged position for a safety mechanism. It happens because of a partial or total loss of the trader’s initial margin. That happens primarily in futures trading. That only tracks asset prices instead of spot trading, where traders own the actual assets. As per CoinMarketCap statistics, Bitcoin is currently down 5.85% on the day. It also means that the major cryptocurrency with a market value of $563.33 billion is down 57.06% from its all-time high of $68,789.63. Likewise, Ethereum, the second-largest cryptocurrency, is now down 64.02% from its all-time high of $4,891.70 reached in November 2021. Nevertheless, ETH is struggling to keep its recent positive momentum going. Feasible Reasons Behind Bitcoin & Ethereum Crash The Crypto Fear & Greed Index is a way of gauging market activity and determining if the price of cryptocurrencies are priced fairly. According to the Fear & Greed Index, the score is down (15 out of 100), implying that the market is experiencing “extreme fear.” First, there has been a decrease in Ethereum and Bitcoin trading activity. According to data from DefiLlama, the Total Value Locked (TVL) across multiple protocols in Ethereum has dropped from $88.67 billion to $68.02 billion in the last 24 hours. The flow of Bitcoin to crypto exchanges is down 37.4%, indicating lower demand for BTC among investors, as per the data from Chainalysis indicates. DeFi Protocols On Ethereum TVL, or Total Value Locked, on Aave, the largest decentralized finance protocol on Ethereum, lost 15% of its value over the past month. Other blue-chip projects like Curve Finance, MakerDAO, Lido, and Uniswap also lost double-digits of TVL over the same period. Related Reading | Polygon (MATIC) Price Falls Short Of Reaching Full Potential Despite Recent Developments Ethereum is still the most popular blockchain for decentralized applications (defi), with 55.59% of the total defi TVL. This is due to the $101.32 billion worth of value locked in on the ETH chain. Terra is second in terms of market share, with 12.86% and $23.44 billion locked in on its blockchain. Binance Smart Chain (BSC) has 6.37% of the total defi TVL, or $11.6 billion today. Featured image from Flickr and chart from TradingView.com

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