Bitcoin, ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Source: CoinDesk ·
From the source
Bets on rising prices accounted for nearly 84% of forced closures, with Binance handling almost half the total. A rebound has since started catching short sellers. Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass . Long positions, bets that prices would rise, accounted for 83.8% of the total. Most of the losses came in the latest 12 hours, which accounted for roughly $1.37 billion in liquidations, including $1.23 billion of longs. The forced closures followed Thursday’s Binance breach , which the exchange estimates affected about $6.3 billion in assets. Binance has pledged to cover losses and suspended deposits and withdrawals while conducting security checks. Bitcoin fell as low as about $76,460 before recovering toward $78,500.…