Bitcoin pares losses after fall below $46,000, $1.87 billion in liquidations
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Bitcoin's price tumbled by 5% on Sunday night after a break-neck rally pushed it to all-time highs near $50,000.
The impact of the drawdown to $45,768 seeped into the bitcoin futures market, triggering more than $1.87 billion worth of liquidations in the last 24 hours, according to data from Bybt.
The recent market action indicates the degree to which retail participants on venues like Binance were over-levered, according to Bitfinex CTO Paolo Ardoino.
"Most of our perps traders are funds and OTC desks, so their risk appetite is quite lower than retail," Ardoino said. "So less apeing."
At last check, the price of bitcoin has recouped some of its Sunday losses. Bitcoin is trading hands at roughly $47,960 on Coinbase.
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Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].
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