Futures market liquidation reached a total of 1.448 trillion won on the 20th
BTC collapses below $100,000...Altcoin decline, intensified
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According to data from the on-chain analysis platform Coinglass on the 20th, after BTC fell below $96,000, the liquidation amount in the cryptocurrency futures market reached $1 billion (about 1.448 trillion won).
The large-scale liquidation in the futures market occurred due to the influx of long (bullish) bets after the decline on the 19th.
According to Coinglass data on the 20th, the liquidation amounts for long bets and short bets were $878 million (about 1.271 trillion won) and $160 million (about 231.7 billion won), respectively. After the cryptocurrency market, including BTC, plummeted following the press conference by Federal Reserve Chairman Jerome Powell on the 19th, futures investors rushed to bet on the upside, and this bet led to massive liquidation.
Due to the large-scale liquidation in the futures market, the market capitalization of cryptocurrencies fell by about 9.5%. BTC, which had been setting new highs by breaking through $100,000, fell to $97,000.
The decline of major altcoins was even more severe. ETH and XRP recorded declines of about 8% and 5%, respectively, while SOL and Doge recorded double-digit declines.
Reporter Seung-won Kwon ksw@blockstreet.co.kr
