The past 48 hours have seen something unprecedented in the crypto world. According to Larry Cermak, VP of Research at @TheBlock__, interest in futures exchanges has grown dangerously 20% in the past two days — from $18 billion to about $14.4 billion. The two exchanges that have seen the most severe carnage are Binance and FTX. Nearly two billion dong loss.
He tweeted and said, “Open interest on futures exchanges has dropped about 20% in the last two days – from $18 billion to about $14.4 billion. The two exchanges that lost the most value were Binance and FTX. Almost two billion combined. ”
Open interest on futures exchanges has dropped about 20% in the past two days — from $18 billion to about $14.4 billion.
The two exchanges that lost the most value were Binance and FTX. Almost two billion combined. pic.twitter.com/YfgOVUNnWP
– Larry Cermak (@lawmaster) January 22, 2022
It’s been a bloodbath for the past 48 hours. 185,450 crypto investors lost all their money when Bitcoin dropped to $36k. In the past 24 hours, Bitcoin has plummeted more than 9% and was trading at $35.5k in the early hours of Friday.
The worst fears that experts once thought have come true. Experts have warned that concerns about pending interest rate hikes and the proposal to ban crypto by Russians could push BTC price below $40k. The carnage was pretty common, and ETH also saw a massive 8% drop in value over the past 24 hours. It traded as low as $2,860 on the day, according to data from the FTX exchange.
It has been a bitter winter for the Number One cryptocurrency, BTC, which has seen $200 billion worth of crypto assets erode. Altcoins also posted double losses and liquidity in the crypto market surpassed $881 million. 185,480 traders were liquidated during the day, with assets worth more than $715 million.
The hardest hit was Binance, with $173 million, 91% of which were long positions. In second place is Asia-focused exchange Okex, with $170 million in the long run.