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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Long Traders Bear The Weight As Liquidations Continue

Best Owie
Best Owie
1 year ago
3 mins read
Bitcoin with a market chart

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Bitcoin liquidations have continued as the year draws to an end. The year has been rocked with liquidations that have gone past the $100 billion mark and there does not seem to be a stop even as 2022 rolls around. Long traders have had to bear the brunt of the losses given the recent downtrend. As bitcoin looks set to finish the year off below $50K, these losses will continue well into the year.

Bitcoin Liquidations Continue

Data on the 12 and 24-hour scales on Coinglass shows that bitcoin liquidations have not really slowed down. This number has climbed for the past 12 hours as of the time of this writing and has grown past $31 million in the same time period. For the 24-hour volume, the number is much higher at $46 million but shows more losses recorded over the last 2 hours than the whole day.

Related Reading | Bitcoin Only Works For The Wealthy, Senator Elizabeth Warren

This follows the general trend of 2021 that has seen long traders suffer tremendously in the market. While there certainly was money to be made for these long traders due to the various bull rallies that the market experienced, the crashes were swift and brutal leading to quick liquidations that went into the billions of dollars.

Bitcoin price chart from TradingView.com

BTC trading at $47K | Source: BTCUSD on TradingView.com

Bitcoin short traders have been doing well with the downtrend as bears continue to drag BTC’s price down. The majority of the liquidations recorded for the digital assets have been for long traders. The highest volume has been from crypto exchange Binance which hosts the majority of traders in the market given its trading volume.

Ethereum Trades Not Left Out

Bitcoin traders are not the only ones suffering the effects of ongoing market liquidations. Ethereum traders are also bearing a significant portion of the weight with this. The digital asset has also seen traders get rekt on both the 12 and 24-hour time frames, with liquidations going into the tens of millions.

Like bitcoin, the 12-hour liquidations have made more impact than their 24-hour counterparts. Ethereum liquidations for the past 12 hours have come out to over $21 million. While on the 24-hour scale, there have been a total of $38 million in liquidations going on.

Related Reading | Bitcoin Should Not Be Measured In Dollar Terms, Says Pompliano

Long traders are once again seeing the majority of the losses. Since ETH’s price, moving in tandem with that of bitcoin has continued to decline, these long traders are seeing their positions liquidated and are incurring heavy losses. Additionally, Binance is also the exchange recording most of the liquidations on this end.

LUNA traders are also feeling some of the heat with over $2 million liquidated in the past 24 hours. If the market continues its current trend, traders may only be seeing what is the start of a stretched-out period of liquidations.

Featured image from Time.com, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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