While Bitcoin (BTC) surged after the Fed cut interest rates by 50 basis points last week, short investors who expected a decline were left in the lurch.
As investors try to predict which direction BTC will move, Bitcoin’s price movements are set to trigger major liquidation events on mainstream cryptocurrency exchanges (CEX), according to the latest data from cryptocurrency tracking platform Coinglass.
“At this point, if it falls below $62,000, $1.242 billion worth of long positions will be liquidated.
In contrast, $651 million worth of BTC short positions on CEXs will be liquidated if Bitcoin rises above $65,000.”
According to current data, $164.9 million worth of leveraged transactions were liquid in the last 24 hours, while $87.9 million worth of long positions and $77 million worth of short positions were liquid.
Again, while 63,257 traders were liquidated in the last 24 hours, the largest liquidation occurred in an ETH/USDT transaction on Binance.
*This is not investment advice.