BTC 2.5% Dip Triggers Nearly $200M Loss; False ETF Shock XRP Traders

In the last 24 hours, Bitcoin dipped from about $37,200 to $36,270, nearly breaking into the $35k zone. However, this mere 2.5% decrease in BTC value has had far-reaching implications for crypto market traders.

According to data from CoinGlass, a prominent tracker of the crypto derivative market, nearly 100,000 crypto traders have collectively lost almost $200 million. Long positions—contextually, the market participants who placed wagers on the market’s continued bullish surge suffered the most hit. They incurred liquidation as much as doubled the size observed for their counterparties in the short category.

Furthermore, CoinGlass data indicated that the most significant single liquidation that occurred in the last 24 hours was worth $3.86 million in the XBT/USDT pair. Notably, the exchanges where most traders lost a fortune via liquidation were Binance, OKX, Bybit, Huobi, Bitmex, CoinEx, and Bitfinex. Nearly 80% of the derivative traders on these platforms opened long positions and liquidated.

The well-known Chinese reporter Colin Wu argued that the recent dip in the Bitcoin price, which has triggered significant losses, was due to a correction from the last five weeks’ sustained greenish days in the crypto market.

The cryptocurrency market has experienced a correction from its recent rise. In the past 24h, the amount of liquidation across the entire network has reached $200 million, of which long positions liquidated $147 million. More than 97,000 users have been liquidated, and the…

— Wu Blockchain (@WuBlockchain) November 14, 2023

Aside from the Bitcoin-induced market liquidation, traders of XRP, the third-largest altcoin, experienced a considerable value of funds liquidated within a much shorter timeframe. In particular, over $4.5 million was lost via the XRP futures market in four hours within the past day.

XRP Market chart | CoinAlyze

The development followed a false report of BlackRock filing for an XRP ETF. While the news caused XRP to surge dramatically to $0.73 from $0.65, the price quickly reversed after it became known that the filing was counterfeit.

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