Traders Lose $36.8 Million as Bitcoin Starts December Strong
Bitcoin starts December strong, with prices over $38,000, triggering $36.88M in liquidations and a 4% rise in futures and options interest.
Bitcoin starts December strong, with its price opening over $38,000 and nearly reaching $38,400. This increase is making a big impact on the digital currency market.
In just 24 hours, about $36.88 million in short positions were liquidated. Binance, a major exchange, faced the most liquidations, totaling $15.62 million.
There's also around $500 million in potential liquidations if Bitcoin's price moves between $38,300 and $39,000. This shows a lot of leverage is in play.
Additionally, the rise in Bitcoin's price has led to an increase in open interest for Bitcoin futures and options. Open interest is up by 4%, indicating more money is going into Bitcoin derivatives. Binance now leads in Bitcoin open interest.
