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Traders Lost $800 million due to the Rise of Bitcoin to $ 18.500

Rise of Bitcoin

Traders lost $ 800 million due to the rise in bitcoin price to $ 18.5 thousand

During the day, positions of 73 thousand crypto-exchange users were liquidated. The largest loss was almost $ 5 million.

Rise of Bitcoin

Over the past day, traders’ positions for $ 793 million were liquidated on the cryptocurrency market, according to bybt.com. In total, 73 thousand users’ positions were closed, the largest liquidation occurred on the BitMEX exchange in a trading pair with Bitcoin. The loss was $ 5 million.

With a large rise in prices, the exchanges begin to forcibly close the contracts of those who were short. This is a standard mechanism of exchanges – in order not to lose money, they liquidate short positions of clients and take the funds left on security for themselves.

Most of the positions were closed on the Binance crypto exchange – for $ 285 million. Huobi is in second place with $ 198 million, OKEx is in third place with $ 107 million.

What are the reasons for the mass liquidation of positions?

Rise of Bitcoin

Mass liquidations took place against the background of the growth of the bitcoin rate to a new maximum since December 2017 at $ 18.5 thousand. Over the past day, the cryptocurrency has risen in price by 7%, since the beginning of this year – by 146%. Now the price of bitcoin is $ 17.8 thousand.

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