Crypto traders continued to be plagued by liquidations, with about 205,000 traders liquidated since Tuesday, driven by a surge in the value of cryptocurrencies.
Total short liquidations since Tuesday have reached more than $1.28 billion so far, according to The Block's data dashboard. Sam Bankman-Fried's FTX accounted for around 80% of the short liquidations in the past 24 hours.
The cascade of liquidations began on Tuesday as crypto prices soared on hopes of the Fed easing interest rate hikes. Crypto traders suffered $686 million in short liquidations on Tuesday as a result. Traders going long on crypto also suffered, with $99 million in long liquidations on the day.
Crypto prices continued to climb on Wednesday, with bitcoin briefly trading above $21,000, while ether was trading hands for about $1,570. The liquidations continued as a result of the sustained upward trend in prices today.
FTX accounts for around 72% of the total number of liquidations, according to The Block's data dashboard. The exchange did not respond to requests for comment from The Block.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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