Cryptocurrency market faces massive $137 million futures … –

The cryptocurrency market experienced a significant "long squeeze" event, resulting in substantial futures liquidations over the past day, according to data from CoinGlass. The forced closures of futures contracts, which occurred when losses reached a certain percentage of traders' provided collateral, amounted to approximately $137 million. The majority of these liquidations, over 82% or about $113 million, were long positions.

This large-scale liquidation event was primarily triggered by a significant drop in Bitcoin's price from above $35,400 to around $34,000. Bitcoin contracts led this squeeze, contributing $40 million in futures liquidations. Ethereum followed with nearly half that amount at $21 million.

Among altcoins, Solana (SOL), which has been experiencing a recent surge in popularity and speculator interest, reported the highest liquidations. Despite this mass liquidation event, Bitcoin open interestan indicator of total contracts open on the futures marketremains high, suggesting potential for ongoing volatility and subsequent liquidation squeezes.

Earlier this week, the volatile cryptocurrency market saw a massive $110 million worth of long positions being liquidated within 24 hours. This was largely due to major players Bitcoin and Binance leading intense price fluctuations. Bitcoin's value skyrocketed to an 18-month high before experiencing a 4% plunge and landing back at the $34.5K range within a day.

On November 1, Bitcoin's price was at a mere $34.25K but rapidly rose to hit $36K on November 2. During the same period, around $22 million worth of shorts were liquidated, affecting 51,553 traders and resulting in total liquidations of $132.91 million. Bitcoin represented the largest share of these liquidations with over $38.85 million worth of longs liquidated.

Additionally, Ethereum saw a significant drop in price, leading to the liquidation of $21.78 million worth of longs, and Solana experienced liquidations amounting to $10.7 million. Despite the massive short liquidations, Cardano and MASK managed to record positive price actions.

The most significant single liquidation took place on the Bitmex exchange XBTUSD pair with $2 million being liquidated. Major crypto exchanges like Binance, OKX, Huobi, Bitmex, and Bybit were at the helm of this substantial wave of liquidations.

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