Altcoin News: Positions of $710 Million Were Liquidated on BitMEX

September 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The volume of liquidations on the largest crypto-derivative exchange BitMEX over the past 24 hours has amounted to $710 million, The Block analyst Larry Cermak draws attention to.

$643 million was liquidated in positions on Bitcoin, $53 million — on Ethereum, $14 million — on EOS and XRP.

The trading volume for one hour on Bitcoin contracts amounted to about $1.5 billion, which is the largest value for this indicator since the beginning of the year.

At the same time, the average daily trading volume on BitMEX in September is $1.35 billion, which is 37% less than the June ($2.16 billion).

Despite massive liquidations, the volume of active positions on Bitcoin fell by only $200 million, while the Ethereum market lost 40% of the amount of unrealized contracts.

Events unfold against the backdrop of a sharp drop in Bitcoin. Over the past day, the leading cryptocurrency exchange rate has fallen by more than 14% and at a certain point reached $7,800 on the Binance exchange. In this case, the loss of a number of altcoins is more than 20%.

According to the TokenAnalyst portal, immediately before the start of the fall on BitMEX, the largest outflow of assets was noticed in recent days — over 49,000 BTC were withdrawn by users of the exchange. TokenAnalyst later said it mistakenly considered the internal transfer of the exchange to be a withdrawal of user funds.

Author: Marko Vidrih

Images credit: Twitter (Larry Cermak), skew.com