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On February 24, 2023, bitcoin’s price stayed above the $23,000 threshold and then rose to a peak of $23,829 per unit on March 1. On March 2 at 8 PM Eastern Time, the price of bitcoin fell, falling below the $23,000 mark. This decline resulted in long liquidations worth $237.97 million on a number of crypto derivatives exchanges. Of that sum, 206 million dollars took place in liquidations on March 2 alone.
In the last 24 hours, 65 cryptocurrency derivatives exchanges recorded a trading volume of $171 billion, representing a change of 21.85% from the previous day. Through February, trading volume and open interest in bitcoin futures increased, reaching a total of $791 billion, with Binance accounting for $468 billion of that amount.
On February 21, 2023, total open interest in bitcoin futures peaked at $9.73 billion, but has since declined to $9.06 billion as of March 2. BTC’s price had stayed above the $23,000 threshold for about seven days until March 2.
But on Thursday, the price fell to a low of $22,259 per coin. Before the fall, there were many long positions, and according to statistics from Coinglass, 78,116 traders were liquidated when the rate fell at 8 pm Eastern Time. Total liquidations since the price change amount to $237.97 million, with the largest liquidation on Okx.
On March 2 alone, $206 million worth of liquidations occurred, with 90% of positions long. According to Coinglass, a BTC/USD swap on Okx had a value of approximately $4.16 million. Binance, Bybit and Okx have experienced the most liquidations in the last 24 hours, followed by Huobi, Coinex and Deribit.
As of March 2, there were $9.2 million in short positions betting against BTC’s rise in value. Liquidations on March 2 were almost as high as the number of long liquidations that occurred on February 8 when $254 million in long positions were wiped out. Liquidations on March 2 closely matched those on January 17, where $190 million in long positions were liquidated.
What do you think caused the recent drop in Bitcoin’s price and how do you think it will affect the future of the cryptocurrency market? Share your thoughts in the comments below.
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