Traders lost more than 12 billion a day due to

Traders lost more than $1.2 billion a day due to the crypto market collapse

Cryptocurrency exchanges closed $1.26 billion in margin trades on a sharp market slump. About it writes RBC. The reason was a sharp drop in bitcoin – it lost almost 11% of its value in one day.

    Source: Coindesk

Source: Coindesk

At the moment, the price of the cryptocurrency fell to $25.4 000, but at the time of writing, the cost recovered to $28.4 000, which was the first drop below $27 000 since 2020. The increased volatility is likely due to unstable economic conditions and high inflation in the US and globally.

According to CoinGlass, a total of over 400,000 traders have been forced to close out margin trades from crypto exchanges. The biggest of them was a deal on the Bitmix platform paired with Bitcoin. Its amount was $10 million, Bitcoin brought the biggest losses – $427 million, second place was taken by Ethereum ($352 million), and third – Terra ($85 million).

Against the background of economic instability, the Nasdaq technology exchange index also fell. Over the past month, its level has fallen by 16.7% and by 30% from the year’s highs.


About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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