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 exchanges. Of that total, $206 million in liquidations occurred on March 2 alone.
In the past 24 hours, 65 cryptocurrency derivative exchanges 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 had stayed above the $23,000 threshold for approximately seven days leading up to March 2.
However, on Thursday, the price plummeted to a low of $22,259 per coin. Prior to the drop, there were many long positions, and according to statistics from Coinglass, 78,116 traders were liquidated when the price fell at 8 p.m. Eastern Time. The total liquidations since the price change amount to $237.97 million, with the largest liquidation occurring on Okx.
On March 2 alone, $206 million worth of liquidations occurred, with 90% of the positions being long. According to Coinglass, a BTC/USD swap on Okx had a value of approximately $4.16 million. Binance, Bybit, and Okx experienced the most liquidations in the past 24 hours, followed by Huobi, Coinex, and Deribit.
On March 2, there were $9.2 million in short positions betting against BTC’s value rising. The liquidations on March 2 were nearly as high as the number of long liquidations that occurred on Feb. 8 when $254 million in long positions were wiped out. The March 2 liquidations more closely matched those on Jan. 17, which saw $190 million in long positions liquidated.
What do you think caused the recent drop in Bitcoin’s price and how do you think it will impact the future of the cryptocurrency market? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
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 exchanges. Of that total, $206 million in liquidations occurred on March 2 alone.
In the past 24 hours, 65 cryptocurrency derivative exchanges 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 had stayed above the $23,000 threshold for approximately seven days leading up to March 2.
However, on Thursday, the price plummeted to a low of $22,259 per coin. Prior to the drop, there were many long positions, and according to statistics from Coinglass, 78,116 traders were liquidated when the price fell at 8 p.m. Eastern Time. The total liquidations since the price change amount to $237.97 million, with the largest liquidation occurring on Okx.
On March 2 alone, $206 million worth of liquidations occurred, with 90% of the positions being long. According to Coinglass, a BTC/USD swap on Okx had a value of approximately $4.16 million. Binance, Bybit, and Okx experienced the most liquidations in the past 24 hours, followed by Huobi, Coinex, and Deribit.
On March 2, there were $9.2 million in short positions betting against BTC’s value rising. The liquidations on March 2 were nearly as high as the number of long liquidations that occurred on Feb. 8 when $254 million in long positions were wiped out. The March 2 liquidations more closely matched those on Jan. 17, which saw $190 million in long positions liquidated.
What do you think caused the recent drop in Bitcoin’s price and how do you think it will impact the future of the cryptocurrency market? Share your thoughts in the comments below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Oman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework
Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)'s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.
Dogecoin dropped to its lowest level since January, as a red wave swept through cryptocurrency markets. The Silvergate bank based sell-off has impacted overall sentiment, with the global crypto market cap down 3.63% as of writing. Shiba inu also dropped, falling to a six-week low.
Dogecoin (DOGE) dropped to a multi-month low on Friday, as the Silvergate based sell-off has impacted overall sentiment in the marketplace.
Following a high of $0.08084 on Thursday, DOGE/USD fell to an intraday bottom at $0.07424 earlier today.
This sell-off has pushed the meme coin to its lowest point since January 9, and below a key support point in the process.
Looking at the chart, dogecoin briefly broke out of a floor at $0.0755, which came as the 14-day relative strength index (RSI) also fell below its own support.
As of writing, the index is tracking at 34.80, which is a historically stable floor at the 40.00 mark.
Earlier declines have somewhat eased, and DOGE is trading at $0.07589 at the time of writing.
Additionally, shiba inu (SHIB) was another meme coin to edge lower in today’s session, falling to a six-week low in the process.
SHIB/USD slipped to a bottom at $0.00001104 on Friday, following Thursday’s peak at $0.00001219.
As a result, shiba inu fell below a floor at $0.00001130, hitting its weakest point since January 25 in the process.
Overall, SHIB is down 14% in the last seven days, which has resulted in the RSI falling to a two-month low.
Currently, the index is tracking at 38.30, which is in bearish and oversold territory, and is its lowest reading since January 1.
Like with DOGE, bears have seemingly begun taking profits, which has resulted in a slight rebound from earlier lows.
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Do you expect meme coins to rebound this weekend? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
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