Crypto Futures Razed To Ground As $659 Million Rekt With Bitcoin Crash
Summary
Cryptocurrency futures sector experienced a $659 million liquidation in the past day due to Bitcoin's sharp crash. Long contracts suffered the most, with $568 million liquidated. Bitcoin, Ethereum, and Solana contributed the most to the liquidations. High volatility and leverage accessibility in exchanges contribute to such events. Bitcoin's futures volume has been consistently higher than spot volume, with a widening gap in the second half of 2023. Despite a recovery, Bitcoin is currently trading around $42,700.
