Traders of crypto futures lost over $400 million on Wednesday as most cryptocurrencies dropped below support levels following hawkish comments from the U.S. Federal Reserve. shauryamalwa reports.
Traders of crypto futures lost over $400 million on Wednesday as most cryptocurrencies dropped below support levels following hawkish comments from the U.S. Federal Reserve.
Wednesday’s figures were the third-highest of 2022 following nearly a billion dollars worth of losses stemming from liquidations on Jan.21 and $470 million on Jan.22.Liquidations occur when an exchange forcefully closes a trader’s leveraged position as a safety mechanism due to a partial or total loss of the trader’s initial margin. This happens primarily in futures trading, which only tracks asset prices, as opposed to spot trading, where traders own the actual assets.
Futures tracking Solana’s SOL and Dogecoin’s DOGE saw a combined $40 million in liquidation losses, the most among major cryptocurrencies outside of bitcoin and ether. Meanwhile, GMT tokens of the month-old crypto project StepN were an unusual entrant on the list with $9 million in recorded losses.
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