Bitcoin hit by $2.7 billion futures liquidation frenzy: What happens next?
Cointelegraph
Published Jan 11, 2021 07:45AM ET
Updated Jan 11, 2021 03:40PM ET
Over $2.7 billion worth of futures contracts were liquidated in the last 24 hours, based on data from Bybt. This caused the price of Bitcoin (BTC) to see a large drop in a short time frame as it plunged from over $41,000 to under $32,600.
In the futures market, liquidations of positions occur because traders are borrowing additional capital to trade with larger positions.
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Written By: Cointelegraph
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