Crypto prices endured wild swings on Thursday as traders anxiously awaited a U.S. regulatory decision to list spot-based ether exchange-traded funds.Within a nerve-wracking hour leading up to the eventual approval, ETH first tumbled to $3,500 at around U.S. traditional market closing time, then surged to near $3,900 as the first unconfirmed reports of an approval appeared to eventually settle above $3,800 following the confirmation.
Amid the volatile episode, liquidations across all leveraged crypto derivative positions soared to over $350 million during the day, the most since May 1,Liquidations happen when an exchange closes a leveraged trading position due to a partial or total loss of the trader’s initial money down or"margin" – if the trader fails to meet the margin requirements or doesn't have enough funds to keep the trade open.
The lion's share of the wiped-out positions were longs betting in rising prices, worth roughly $250 million, suggesting that over-leveraged traders were caught off-guard by the sudden price plunge. ETH traders took the biggest hit, with $132 million of liquidations, followed by $70 million in BTC derivatives liquidations.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin.
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Source: CoinDesk - 🏆 291. / 63 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »