The sharp rise in September was blamed for November; $131 million was liquidated in the last 24 hours.
Last September, there was a crypto bull led by Bitcoin (BTC). In September, BTC increased by nearly 30 percent. The rise of BTC also caused altcoins to rise sharply.
After September, which was filled with bullish expectations, all eyes turned to November. It was noteworthy that in the past 3 days, the BTC price dropped from 36 thousand dollars to 34 thousand. As a result of this decrease, 131 million dollars of liquidation took place in the last 24 hours. $107 million of the liquidation was recorded in long (bullish) transactions.
Bullish traders were liquidated
According to Coinglass data, $131 million in liquidations occurred in the last 24 hours. More than $107 million of the liquidations occurred in long (bullish) transactions.
Sharp movements were observed in the crypto market in November. These movements were mainly downward. Although the decline was presented as a correction, the details in the liquidation data attracted attention. According to the data, the transactions of traders with bullish expectations exploded.
More than 50 thousand traders were liquidated in the last 24 hours. The biggest liquidation took place on the Bitmex exchange. The amount of this liquidation was recorded at the level of 2 million dollars in XBTUSD transaction parity.
Binance hosted 63 percent of all liquidations. Bitcoin was the cryptocurrency with the most liquidations. Bitcoin liquidations amounted to $31.41 million in long transactions and $5.79 million in short transactions.