{"id":558996,"date":"2023-11-03T19:00:34","date_gmt":"2023-11-03T19:00:34","guid":{"rendered":"https:\/\/ktsl888.com\/?p=558996"},"modified":"2024-06-11T08:03:49","modified_gmt":"2024-06-11T08:03:49","slug":"113-million-longs-rekt-bitcoin-plunges-back-34000","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/113-million-longs-rekt-bitcoin-plunges-back-34000\/","title":{"rendered":"$113 Million In Longs Get Rekt As Bitcoin Plunges Back To $34,000"},"content":{"rendered":"

Data shows the cryptocurrency longs have taken a beating today because of the plunge towards $34,000 that Bitcoin has observed.<\/p>\n

Cryptocurrency Futures Market Has Seen Liquidations Totaling $137 Million Today<\/h2>\n

According to data from CoinGlass<\/a>, a large amount of liquidations have taken place in the cryptocurrency futures market during the past day. “Liquidation<\/a>” here refers to a forced closure of a futures contract being done by the derivative contract with which said position is open.<\/p>\n

A contract is liquidated when it amasses losses equal to a certain percentage of the margin (that is, the initial collateral that the holder had put forth when opening the contract).<\/p>\n

Related Reading: Solana Whales Deposit To Exchanges, Selloff Incoming?<\/a><\/div>\n

As it’s easy for traders’ bets to fail during volatile periods, it’s not surprising that the volatility from the past day has induced liquidations throughout the market. The below table shows the data for the liquidations that have occurred in the sector during the last day.<\/p>\n

\"Crypto<\/p>\n

Looks like the sector has registered a significant amount of liquidations in the past 24 hours | Source: CoinGlass<\/a><\/pre>\n
As you can see, the cryptocurrency futures market has seen liquidations amounting to about $137 million in the past day. Out of these, around $113 million of the contracts were long positions.<\/p>\n
This means that more than 82% of the liquidation flush in this period has involved the long holders. This is consistent with the price action, as most of the liquidations have been triggered by a plunge in the Bitcoin price from above $35,400 to the $34,000 mark.<\/p>\n
Such large liquidation events are popularly called “squeezes<\/a>.” Since the squeeze from the last 24 hours has seen the longs on the losing side, the event was a “long squeeze.”<\/p>\n
As the below table displays, Bitcoin-related contracts have unsurprisingly contributed the most towards this latest squeeze.<\/p>\n
\"Bitcoin<\/p>\n
The distribution of the liquidations by symbol | Source: CoinGlass<\/a><\/pre>\n
Bitcoin saw $40 million in futures liquidations, while Ethereum registered almost half of those at $21 million. Out of the altcoins, Solana (SOL) observed the highest liquidations.<\/p>\n
SOL has seen a bit of an explosion<\/a> recently, so it’s not unexpected that it has attracted a large amount of speculators towards it. As a natural consequence of this higher interest in the cryptocurrency, its liquidations have been more than the other altcoins.<\/p>\n
Mass liquidation events like today’s aren’t exactly a rare occurrence in the cryptocurrency sector, due to extreme amounts of leverage being easily accessible and the volatility that most of the coins witness on the regular.<\/p>\n
Related Reading: Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode<\/a><\/div>\n
It would appear that today’s liquidation squeeze has been unable to put off speculators, as the Bitcoin open interest (a measure of the total amount of contracts open on the futures market) is still at high values.<\/p>\n
\"Bitcoin<\/p>\n
The indicator's value has seen a surge during the past couple of weeks | Source: CoinGlass<\/a><\/pre>\n
As such, it’s possible that Bitcoin will see more volatility in the near future and with it, another liquidation squeeze.<\/p>\n
Bitcoin Price<\/h2>\n
Following its drop of more than 3%, Bitcoin is now trading around the $34,200 level.<\/p>\n
\"Bitcoin<\/p>\n
BTC has registered some decline in the last two days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CoinGlass.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows the cryptocurrency longs have taken a beating today because of the plunge towards $34,000 that Bitcoin has observed. Cryptocurrency Futures Market Has Seen Liquidations Totaling $137 Million Today According to data from CoinGlass, a large amount of liquidations have taken place in the cryptocurrency futures market during the past day. “Liquidation” here refers to a forced closure of a futures contract being done by the derivative contract with which said position is open. A contract is liquidated when it amasses losses equal to a certain percentage of the margin (that is, the initial collateral that the holder had put forth when opening the contract). Related Reading: Solana Whales Deposit To Exchanges, Selloff Incoming? As it’s easy for traders’ bets to fail during volatile periods, it’s not surprising that the volatility from the past day has induced liquidations throughout the market. The below table shows the data for the liquidations that have occurred in the sector during the last day. Looks like the sector has registered a significant amount of liquidations in the past 24 hours | Source: CoinGlass As you can see, the cryptocurrency futures market has seen liquidations amounting to about $137 million in the past day. Out of these, around $113 million of the contracts were long positions. This means that more than 82% of the liquidation flush in this period has involved the long holders. This is consistent with the price action, as most of the liquidations have been triggered by a plunge in the Bitcoin price from above $35,400 to the $34,000 mark. Such large liquidation events are popularly called “squeezes.” Since the squeeze from the last 24 hours has seen the longs on the losing side, the event was a “long squeeze.” As the below table displays, Bitcoin-related contracts have unsurprisingly contributed the most towards this latest squeeze. The distribution of the liquidations by symbol | Source: CoinGlass Bitcoin saw $40 million in futures liquidations, while Ethereum registered almost half of those at $21 million. Out of the altcoins, Solana (SOL) observed the highest liquidations. SOL has seen a bit of an explosion recently, so it’s not unexpected that it has attracted a large amount of speculators towards it. As a natural consequence of this higher interest in the cryptocurrency, its liquidations have been more than the other altcoins. Mass liquidation events like today’s aren’t exactly a rare occurrence in the cryptocurrency sector, due to extreme amounts of leverage being easily accessible and the volatility that most of the coins witness on the regular. Related Reading: Ethereum Yet To Shake Off 2022 Bear Hangover: Glassnode It would appear that today’s liquidation squeeze has been unable to put off speculators, as the Bitcoin open interest (a measure of the total amount of contracts open on the futures market) is still at high values. The indicator’s value has seen a surge during the past couple of weeks | Source: CoinGlass As such, it’s possible that Bitcoin will see more volatility in the near future and with it, another liquidation squeeze. Bitcoin Price Following its drop of more than 3%, Bitcoin is now trading around the $34,200 level. BTC has registered some decline in the last two days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CoinGlass.com<\/p>\n","protected":false},"author":542,"featured_media":559015,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,569,84332,87457,1119,1144,85578,89791],"class_list":["post-558996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-futures","tag-bitcoin-liquidations","tag-bitcoin-plunge","tag-btc","tag-btcusd","tag-crypto-liquidations","tag-crypto-longs"],"acf":[],"yoast_head":"\n$113 Million In Longs Get Rekt As Bitcoin Plunges Back To $34,000<\/title>\n<meta name=\"description\" content=\"Data shows the cryptocurrency longs have taken a beating today because of the 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/ktsl888.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$113 Million In Longs Get Rekt As Bitcoin Plunges Back To $34,000","url":"http:\/\/ktsl888.com\/news\/113-million-longs-rekt-bitcoin-plunges-back-34000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/113-million-longs-rekt-bitcoin-plunges-back-34000\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/kanchanara-fsSGgTBoX9Y-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/kanchanara-fsSGgTBoX9Y-unsplash.jpg?fit=6048%2C4024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin futures","bitcoin liquidations","bitcoin plunge","btc","btcusd","crypto liquidations","crypto longs"],"dateCreated":"2023-11-03T19:00:34Z","datePublished":"2023-11-03T19:00:34Z","dateModified":"2024-06-11T08:03:49Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$113 Million In Longs Get Rekt As Bitcoin Plunges Back To $34,000\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/113-million-longs-rekt-bitcoin-plunges-back-34000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/113-million-longs-rekt-bitcoin-plunges-back-34000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-fsSGgTBoX9Y-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/kanchanara-fsSGgTBoX9Y-unsplash.jpg?fit=6048%2C4024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin futures\",\"bitcoin liquidations\",\"bitcoin plunge\",\"btc\",\"btcusd\",\"crypto liquidations\",\"crypto longs\"],\"dateCreated\":\"2023-11-03T19:00:34Z\",\"datePublished\":\"2023-11-03T19:00:34Z\",\"dateModified\":\"2024-06-11T08:03:49Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/11\/kanchanara-fsSGgTBoX9Y-unsplash.jpg?fit=6048%2C4024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/558996"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=558996"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/558996\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/559015"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=558996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=558996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=558996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}