USD 1.9B Liquidated As Overexuberant Crypto Traders Get Overleveraged

Around USD 1.9bn in 281,000 trading positions have been liquidated in a day as the market corrected sharply, per bybt.com data. Around 90% of the liquidations were of long positions, suggesting that overly optimistic traders were using margin trading to open large positions in the hope of bitcoin (BTC) hitting USD 50,000 (and beyond). The liquidations are largely responsible