Bitcoin drops below $60,000 triggering almost $875 million in liquidations |

B

Bitcoin (BTC) is still in a bear market and the crypto’s price has dipped to $6,988. Bitcoin dropped below $60,000 for the first time since September 2018 on Thursday triggering almost $875 million worth of liquidations across various exchanges.

Bitcoin has dropped to $60,000 triggering almost $875 million in liquidations. This is the first time Bitcoin has dropped below $60,000 since December 2017. The price of Bitcoin was rising until January 2018 when it reached an all-time high of over $19,000. Read more in detail here: why did bitcoin spike.

Bitcoin drops below $60,000 triggering almost $875 million in liquidations |

On Tuesday, the cryptocurrency market witnessed about $875 million in liquidations, with more than 215,000 dealers liquidating their positions across different exchanges.

The greatest single liquidation order, according to CoinGlass, occurred on Binance, when a $10.37 million LTC/USD stake was liquidated. Bitcoin was the most liquidated cryptocurrency, with little under $7 million, or 114.83 BTC, sold. CoinGlass revealed that almost $3.8 million in ETH holdings were also closed.

Bitcoin drops below $60,000 triggering almost $875 million in liquidations |Bitcoin liquidations between November 13th and November 16th are shown in this graph (Source: CoinGlass)

Despite an overall increase in Bitcoin futures open interest, today’s dramatic decrease resulted in a noteworthy shift in financing rates. Funding rates are payments provided to long or short traders depending on the difference between perpetual contract and spot prices on a regular basis. Positive rates that climb over time accompany a bullish market, whilst negative funding rates accompany a bearish market.

According to data from DeFi Rate, financing rates on four major exchanges—Binance, FTX, BitMEX, and dYdX—have dropped significantly. Today’s bearish leaders were dYdX and FTX, which both had negative funding rates.

Bitcoin drops below $60,000 triggering almost $875 million in liquidations |On November 16th, the financing rates on Binance, dYdX, FTX, and BitMEX were shown in the table below (Source: DeFi Rate)

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Bitcoin drops below $60,000 triggering almost $875 million in liquidations |

Like what you’ve seen so far? Stay up to date by subscribing.

  • will cryptocurrency crash
  • what is one bitcoin worth
  • bitcoin prices history

About the author

Emilia James
By Emilia James

Your sidebar area is currently empty. Hurry up and add some widgets.