Market News / Story
Bitcoin Slide Wipes Out Over $400 Million in Crypto Longs: Reset or Warning?
Beincrypto ·
Beincrypto reports: Exchanges liquidated $403.58 million in leveraged crypto longs within one hour as Bitcoin slid to about $83,800. That equals about 0.27% of open interest, the total value of unsettled futures contracts. Longs made up 97% of the $415.33 million total, so the flush hit one side of the market. However, it cleared only a small fraction of the leverage still outstanding. How Much Leverage Did the Flush Clear? The selling arrived in one burst. CoinGlass, a derivatives data…