Martin Young, 17 May 2021
According to data from ByBit, there has been $2.38 billion in total liquidations over the past 24 hours. Over half of that total, or $1.26 billion, has been from bitcoin positions as the asset has continued its free fall.
The largest day for Bitcoin long position liquidations was on April 17, 2021, a few days after its all-time high when over $9 billion disappeared. April 22 and May 12 also saw large Bitcoin liquidation figures according to derivatives exchanges.
Datamish has revealed that $34 million in longs have been liquidated on BitMEX over the past 24 hours and 417 BTC was liquidated on Bitfinex.
Bitcoin dumps on Musk attack
The massive liquidation has been caused by increased selling pressure on the back of a crypto social media skirmish involving Elon Musk who appears to have done a complete u-turn on his pro-Bitcoin stance.
The billionaire entrepreneur has faced increased criticisms recently over his blatant pumping of Dogecoin markets and recent claim to go “all-in on DOGE” following more reproach. Crypto experts and investment professionals, such as Ari Paul, have objected to the veiled market manipulation:
“Go for it. You’re free to do as you wish with your money. Many of us object to your misleading of new retail investors though.”