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Home Markets Cryptos

369,100 investors lose everything as crypto market dips by over $200 billion

Olumide Adesina by Olumide Adesina
September 8, 2021
in Cryptos, Spotlight
Crypto market gains $1 trillion in a month with investors flocking in
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As bitcoin prices plunged below $43,000, $3.5 billion in liquidation took place, dropping the market value from $2.3 trillion to $2.1 trillion at the time of writing.

A total of 369,103 traders liquidated their accounts for the day. The biggest liquidation order happened on Huobi-BTC.

What is liquidation?

  • Investors leveraged positions are liquidated if an exchange closes them for a partial or total loss of their initial margin when on cryptocurrency markets.
  • A trader who is incapable of meeting the margin requirements for a leveraged position (doesn’t have the funds to keep the position open) will be forced to liquidate the trade. Liquidation occurs both in margin and futures markets.
  • In the case of a large move against a leveraged position, you can lose the entire collateral (initial margin) you paid. Some countries, such as the United Kingdom, consider crypto trading such a risk that they have prohibited crypto exchanges from offering leveraged products to retail investors in order to protect them from losses.

Bitcoin’s 16% plunge in the wake of its official recognition as legal tender in El Salvador had fueled bullish sentiment as the United States was coming off of Labor Day holiday weekend.

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Ether, Cardano, XRP, Dogecoin, and other tokens were also affected by the downdraft, with daily losses reaching nearly 20% before some form of price stabilization was achieved.

With financial markets risk-off, the crypto market was under pressure that grew as the day progressed.

There were 1.1 billion dollars in Bitcoin liquidations after the sell-off, however, the most recent activity suggests that exchanges have returned to a buying mode, and on-chain data does not indicate investors are rushing to close their positions.

Bitcoin’s dominance rate is 42.1%, and the total market capitalization of all cryptocurrency is now $2.103 trillion.

Although its rollout was hampered by technical problems with the official digital wallet, El Salvador’s use of Bitcoin – a major test of its real-world utility – later appeared to have been resolved. The nation holds 550 bitcoins, said President Nayib Bukele on Twitter.

Tags: Cryptocurrency
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

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Comments 2

  1. Stanley Len says:
    September 8, 2021 at 3:21 pm

    I have a degree in business and I still can’t fully understand Bitcoin. How can a individual start his own currency. And there are over 3000 of them. Has the financial system in the world as we know it gone nuts.

    Reply
  2. Etwin says:
    September 9, 2021 at 3:23 am

    Please be caution with your Real Money..not fake like bitcoin…El Salvador. Is going to worse economic future..theres no future for bit coin be realistic…dont invest your Dollars into a tin air…wake up…

    Reply

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