- In the last few days, short positions have taken consecutive hits.
- The market could see more liquidations as more assets break into new price levels.
The crypto market experienced another round of significant liquidations in the last trading session on the 9th of November, driven by movements in major coins like Bitcoin [BTC] and Ethereum [ETH].
The market reacted strongly as these assets pushed into new price levels, leading to substantial liquidations, particularly for short positions.
With indicators like the Fear and Greed Index approaching extreme levels, market watchers are bracing for potential further liquidations.
Market liquidations surpass $280 million
On the 6th of November, as Bitcoin reached a new all-time high of $76,000, market liquidations spiked, reaching over $600 million.
This included nearly $427 million in short liquidations, marking the highest short liquidation level in over six months. Long liquidations totaled approximately $184 million.
More recently, on the 9th of November, market liquidations remained elevated, surpassing $280 million.
According to data from Coinglass, short positions continued to bear the brunt, accounting for about $189 million of the total liquidation volume.
Source: Coinglass
In comparison, long liquidations stood at around $92 million. As of the latest update, short liquidation volume was close to $120 million, with long liquidation volume at approximately $22 million.
This pattern suggests that short traders are facing significant losses as they bet against the upward movement in major crypto ass
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Author: Adewale Olarinde
