Liquidated Bitcoin Longs Have Exceeded $62 Million Since August 

Key Points:

• According to numbers acquired from Glassnode, the total amount of Bitcoin that has been liquidated has apparently topped $62 million since August 2022. This information comes from a report that was published by Glassnode.
• The enormous number of long positions that are being closed out reveals that many market participants are following the short-term bullish bias of Bitcoin.

According to statistics provided by Glassnode, the amount of liquidated Bitcoin longs has hit its highest point since the month of August 2022.

The news of what happened to the cryptocurrency bank Silvergate, which led to the liquidation of a large number of Bitcoin long positions held by investors, is responsible for the current market drop in the cryptocurrency space. The amount of Bitcoin long bets that exchanges liquidated during Asian time was the most it has been since August 2022, according to statistics provided by Glassnode. The amount was over $62 million. The reasons indicate that a large number of individuals are gravitating toward the bullish bias of Bitcoin for the short term.

Unfavorable reports from a bank that supports cryptocurrencies The market is being adversely affected by Silvergate, as evidenced by a drop of fifty percent in the price of Silvergate shares following the announcement that Silvergate was evaluating its capacity to continue business as usual. submitting yearly reports with the United States Securities and Exchange Commission both continuously and consistently behind schedule (SEC). The majority of major cryptocurrency exchanges and corporations have publicly stated their intention to sever their commercial relations with Silvergate. The failure of FTX marked the beginning of Silvergate’s financial difficulties. The United States Department of Justice is conducting an inquiry against Silvergate at this time for the company’s role in the FTX crash that occurred the previous year.

The price of one Bitcoin (BTC) is currently trading at $22,394.87, representing a loss of approximately 5% over the course of the previous twenty-four hours.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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