{"id":57004,"date":"2023-08-18T13:20:15","date_gmt":"2023-08-18T17:20:15","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=57004"},"modified":"2023-08-18T13:20:19","modified_gmt":"2023-08-18T17:20:19","slug":"bitcoin-ether-price-dip-leads-to-1b-in-crypto-liquidation","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-ether-price-dip-leads-to-1b-in-crypto-liquidation\/","title":{"rendered":"Bitcoin, Ether Price Dip Leads to $1B in Crypto Liquidation"},"content":{"rendered":"\n<p>The Bitcoin and Ethereum <a href=\"https:\/\/coinscreed.com\/staging\/btc-price-decline-in-weekend-but-start-the-new-with-aiming-high.html\" target=\"_blank\" rel=\"noreferrer noopener\">price decline<\/a> on August 18 caused the top two cryptocurrencies to fall to a two-month low, prompting thousands of derivative traders to liquidate their positions.<\/p>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"907\" height=\"582\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65.png\" alt=\"Bitcoin, Ether Price Dip Leads to $1B in Crypto Liquidation\" class=\"wp-image-57009\" srcset=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65.png 907w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65-300x193.png 300w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65-768x493.png 768w, https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65-750x481.png 750w\" sizes=\"(max-width: 907px) 100vw, 907px\" \/><figcaption class=\"wp-element-caption\">Bitcoin, Ether Price Dip Leads to $1B in Crypto Liquidation<\/figcaption><\/figure>\n\n\n\n<p>The crypto bloodbath resulted in liquidating hedged positions worth billions of dollars, and several traders lost millions of dollars in a single trade.<\/p>\n\n\n\n<p>According to CoinGlass data, 176,752 traders were liquidated in the preceding twenty-four hours. 90% of these liquidations occurred within the last 12 hours, indicating a sharp increase in<a href=\"https:\/\/coinscreed.com\/staging\/bitcoin-network-hash-rate-increases-to-a-new-record-high-amid-price-volatility.html\" target=\"_blank\" rel=\"noreferrer noopener\"> price volatility<\/a> just days after BTC and ETH recorded their lowest daily volatility in years.<\/p>\n\n\n\n<p>Among the sea of traders who lost a significant portion of their derivative positions, two liquidations caught the attention of the cryptocurrency community due to their sheer size. <\/p>\n\n\n\n<p>During the price decline, an investor on Binance's ETHBUSD contract was liquidated at $1,434.37, incurring a loss of $55.9211 million. This was the day's most significant liquidation. Another Binance trader on the BTCUSDT contract lost nearly $10 million in liquidations.<\/p>\n\n\n\n<p>The billion-dollar liquidation is the largest liquidation event in crypto over the past eight months, surpassing the FTX collapse as the largest event of its kind.<\/p>\n\n\n\n<figure class=\"wp-block-image size-jnews-750x375 is-resized\"><img decoding=\"async\" src=\"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-64-750x357.png\" alt=\"\" class=\"wp-image-57008\" style=\"width:1170px;height:357px\" width=\"1170\" height=\"357\"\/><figcaption class=\"wp-element-caption\">Crypto market liquidation data. Source: CoinGlass<\/figcaption><\/figure>\n\n\n\n<p>Several factors, including the <a href=\"https:\/\/nypost.com\/2023\/08\/18\/crypto-prices-plunge-on-report-that-spacex-has-sold-its-bitcoin\/\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">SpaceX Bitcoin write-down<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-7-icon-path\" fill=\"none\" clip-path=\"url(#clip0_31_188)\">\r\n                            <path d=\"M9.16724 14.8891L20.1672 3.88908\" stroke-linecap=\"round\"\/>\r\n                            <path d=\"M13.4497 3.53554L20.5208 3.53554L20.5208 10.6066\" stroke-linecap=\"round\" stroke-linejoin=\"round\"\/>\r\n                            <path d=\"M17.5 13.5L17.5 16.26C17.5 17.4179 17.5 17.9968 17.2675 18.4359C17.0799 18.7902 16.7902 19.0799 16.4359 19.2675C15.9968 19.5 15.4179 19.5 14.26 19.5L7.74 19.5C6.58213 19.5 6.0032 19.5 5.56414 19.2675C5.20983 19.0799 4.92007 18.7902 4.73247 18.4359C4.5 17.9968 4.5 17.4179 4.5 16.26L4.5 9.74C4.5 8.58213 4.5 8.0032 4.73247 7.56414C4.92007 7.20983 5.20982 6.92007 5.56414 6.73247C6.0032 6.5 6.58213 6.5 7.74 6.5L11 6.5\" stroke-linecap=\"round\"\/>\r\n                        <\/g>\r\n                        <defs>\r\n                            <clipPath id=\"clip0_31_188\">\r\n                                <rect fill=\"white\" height=\"24\" width=\"24\"\/>\r\n                            <\/clipPath>\r\n                        <\/defs><\/svg><\/span><\/a> and macroeconomics, where BTC and ETH have been trading in a range for the past few months, have been attributed to the price function of the cryptocurrency market.<\/p>\n\n\n\n<p>BTC maintained the key $28,000 support for a couple of months, while ETH maintained the $1,500 support until August 17. The crypto market's liquidity has been on the low side, and prominent crypto exchanges, such as Coinbase, have experienced a significant decline in trading volume.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin and Ethereum price decline on August 18 caused the top two cryptocurrencies to fall to a two-month low, prompting thousands of derivative traders to liquidate their positions. The crypto bloodbath resulted in liquidating hedged positions worth billions of dollars, and several traders lost millions of dollars in a single trade. According to CoinGlass [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":57009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[15019,15884],"class_list":["post-57004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin-3","tag-crypto-liquidation-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/08\/image-65.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=57004"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/57004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/57009"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=57004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=57004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=57004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}