$1.89 billion liquidated: Why did Bitcoin and ETH price correct sharply overnight?

In the last 24 hours, $1.89 billion worth of futures positions were liquidated after Bitcoin (BTC) and Ether (ETH) sharply fell below $46,000 on Binance.

BTC/USDT 15-minute price chart (Binance). Source: TradingView.com

Most of the liquidations came from Bitcoin and Ether, which accounted for $555 million and $336 million respectively. But, altcoins, like XRP, EOS, and Litecoin (LTC) also saw large liquidations as the market plummeted.

Liquidations across crypto exchanges. Source: Twitter @CryptoRank_io

The lion’s share of the liquidations happened on Binance while Bitfinex saw the least. This suggests that the former may have the biggest share of novice traders, according to Bitfinex CTO Paolo Ardoino.

“Bitfinex has almost 1B in open interest but extremely low liquidation rate compared to competition,” explained Ardoino.

“Finex seems to have traders that use leverage slightly more carefully.”

Factors behind the short-term price drop

Bitcoin was relatively resilient compared to the rest of the market during the correction. Mostly, large-cap altcoins and DeFi

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