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$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally near? By Cointelegraph

$5.64 billion liquidated in 24 hours as Bitcoin extends losses — Is a relief rally close to?

The value of (BTC) plummeted by greater than 17% in the final 24 hours as the futures market noticed mass liquidations throughout the board.

Liquidations happen when leveraged futures positions fall to a sure threshold. For instance, a place utilizing 10x leverage would get liquidated or flip nugatory if the worth of BTC drops by 5%.

Total cryptocurrency futures liquidations. Source: Bybt
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Bitcoin value chart with orderbook suite. Source: Byzantine General
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