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

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

The price of (BTC) plummeted by more than 17% in the last 24 hours as the futures market saw mass liquidations across the board.

Liquidations occur when leveraged futures positions fall to a certain threshold. For example, a position using 10x leverage would get liquidated or turn worthless if the price of BTC drops by 5%.

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