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Traders holding long positions in bitcoins on Friday suffered a liquidation of $ 210 million due to the fall of the cryptocurrency market. It was the biggest liquidation event since June, when the market crashed in the wake of widespread rumors about Three Arrows Capital’s potential insolvency (which turned out to be accurate).
According to The Block dashboard, Friday’s liquidation fell short of the main liquidation of $343 million long positions in June, but was larger than the secondary long liquidation in June of $187 million. Yesterday’s liquidation was covered by a short-term liquidation of only $30 million.
The liquidation came as the cryptocurrency market was more optimistic, with bitcoin bouncing from lows below $20,000 and ether performing even better ahead of the merger due next month.
However, the market, which has mostly traded in a sideways range all week, fell sharply on Friday. Bitcoin fell from $23,000 to less than $21,000, resulting in liquidation, while ether fell from $1800 to $1600. In general, the entire crypto market lost about $ 112 billion and almost reached $ 1 trillion. So far, there has been little revival from these lows.
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