The cryptocurrency market has experienced a significant blow, with more than $225 million worth of positions being liquidated within a 24-hour timeframe.
What Happened: This market turbulence follows on the heels of a development involving Binance, the world’s largest cryptocurrency exchange by trading volume.
Changpeng Zhao, the leader of Binance, has decided to step down from his CEO position. This shift in leadership comes in the aftermath of a legal settlement.
According to data provided by Coinglass, over $180 million of the liquidations were from traders with long positions—bets that prices would rise. Binance was the epicenter of these liquidations, with approximately $98 million worth of trades occurring on the platform alone.
In total, liquidations amounted to $226.74 million. Bitcoin (CRYPTO: BTC) bore the brunt of these financial ...