Coinglass: "If Bitcoin falls to $55,000, over 1 trillion in liquidation volume will be released"

"Gift Market Long Betting Volume Reaches 1.24 Trillion Won"

Information has been released that if Bitcoin (BTC) falls below $55,000, a total of about $765 million (about 1.24 trillion won) worth of bullish (long) bets could be liquidated.

On-chain analytics platform CoinGlass announced in a report published on the 11th that the total amount of bets placed in the futures market through cryptocurrency centralized exchanges (CEXs) amounted to approximately $1.3 billion (KRW 1.7404 trillion).

According to data released by CoinGlass, long and short betting volumes were approximately $765 million and $585 million (KRW 783.5 billion), respectively.

Bitcoin has been in a precipitous decline since the afternoon of the 11th, falling about 2% and touching the $56,000 mark in the aftermath of the US presidential election TV debate. Bitcoin has been showing a relentless downward trend since the afternoon after former President Trump, the 'pro-cryptocurrency' candidate, effectively lost the TV debate.

Bitcoin is trading at around $56,664 as of 4:30 p.m. on the 11th, according to CoinMarketCap.

Reporter Kwon Seung-won ksw@