Liquidations on exchanges exceeded $770 million on Black Friday

Liquidations on exchanges exceeded $770 million on Black Friday
The total amount of liquidated positions on cryptocurrency markets has reached more than $770 million, Coinglass data shows. 

Black Friday liquidations reached USD 770 million. 

Bitcoin led the pack with USD 217 million (4,000 BTC). Ethereum came in second, taking more than US$200 million (about 50,000 ETH) from investors. In third place was the GALA token, with nearly $25 million liquidated. Next ranked were SAND and DOGE, each at around US$20 million, and MANA, DOT, SOL, and XRP.

By the end of the week, Bitcoin was down as much as more than 9% to $53,500, its lowest level since October 10. Ethereum also fell sharply – to its lowest level in a month. 

What could the liquidations be due to? 

Some say the outbreak of a new, potentially vaccine-resistant variant of COVID has prompted investors to abandon riskier assets, which include cryptocurrencies. 

So far, the new coronavirus variant has been detected in South Africa, Botswana and Hong Kong. Researchers believe that certain unusual genetic combinations make it more transmissible, or more able to evade immune responses.

Yuya Hasegawa of Tokyo-based exchange Bitbank said the spread of the new variant of the virus (especially in other countries), could further dampen investor appetite for cryptocurrencies. 

29/11/2021 – Mr.Advice

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