The crypto market has rebounded from a $1.9 billion liquidation on the 14th of February. The rebound gave way to several asset price declined across the crypto market. Bitcoin also corrected after it reached its most recent all-time high of nearly $50,000.
According to data provided by ByBt, the top two crypto-assets- Bitcoin and Ethereum- accounted for $915 million, about 50% of the total $1.9 billion worth of liquidations.
Notably, Ethereum has grown more than Bitcoin in its year-to-date record.
Per crypto exchanges, Binance recorded the largest liquidations, almost $1 billion, with long orders accounting for 91.23%.
Additionally, several DeFi tokens also recorded major liquidations. AAVE, UNI, LINK, and SNX have a total insolvency amount of $72 million.
Crypto Briefing stated in a report that short players earn 75% annually from daily funding rates of long orders above 0.2%. According to Ben Lilly of Jarvis Labs, the funding rates of 1inch and Ocean Protocol climbed more than 80% before the decline.
Speaking to Crypto Briefing, Lilly said that there was a significant sell wall as Bitcoin approached $50,000. He attributed the dip to “whales not participating in buying.”
On the 14th of February, Lilly recorded large whale activity in order values of “one and ten million dollars.”
Image Credits: Pixabay
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