More than $95 million in short positions have been liquidated in the last 12 hours as the cryptocurrency market has recovered from yesterday’s support levels.
According to statistics from analytics platform Coinglass, around 88 percent of traders betting against a growth in crypto prices lost money when exchanges cancelled leveraged positions, owing to a partial or whole evaporation of the trader’s initial margin.
- The largest short loss on a crypto exchange was $44 million on OKX, followed by $22 million on Binance and $11 million on Bybit.
- Bitcoin futures were sold for $47.45 million in the last 12 hours, the most among major cryptocurrencies.
- Ether futures lost $22 million, followed by LUNA, which lost $12 million.
- Cryptocurrencies with an emphasis on privacy recently made an uncommon appearance.
- Futures contracts tracking Monero’s XMR and Zcash’s ZEC lost $1 million as values for the two increased by up to 25% in the last 24 hours.
- The growth exceeded the overall market, which climbed by 6% during the same time period.
- Bitcoin was trading above $41,000 in the European morning, up from $38,000 on Tuesday, as a U.S. presidential executive order on cryptocurrencies backed the sector’s “responsible innovation.”
The executive order is largely expected to be signed on March 9 by US Vice President Joe Biden. According to statistics, short position losses amounted to a total of $114 million in liquidations, affecting almost 46,700 individual trading accounts.