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 <p class="is-style-lead">Against the falling Bitcoin (BTC) exchange rate, the daily liquidation volume on the crypto market approached $700 million.</p>
 <p>Traders liquidated $698 million worth of positions in the last 24 hours, according to Coinglass data.</p>
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   <img decoding="async" width="1022" height="642" src="https://cdn.thebittimes.com/images/2024/01/04/e24144dd77ac929e1672af9eaa5cdfa9.webp" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 1"> 
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   Source: Coinglass
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 <p>The majority came from BTC, $11.1 million, with the vast majority coming from short positions. Ethereum (ETH) became the second most popular asset for liquidation, with traders liquidating $5.57 million worth of positions, most of which came from long.</p>
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   <img loading="lazy" decoding="async" width="1024" height="518" src="https://cdn.thebittimes.com/images/2024/01/04/11f3363312d4e2f39c5dd92581af3509.webp" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 2"> 
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   Source: Coinglass
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 <p>Positions were mainly liquidated on crypto exchanges Binance, OKX, and Bybit. The most significant liquidation order was the BTC-USDT position on the Huobi cryptocurrency exchange for $14.26 million.</p>
 <p>On Jan. 3, 2024, the rate of the first cryptocurrency showed a sudden drop, immediately falling to the level of $41,500. At the time of publication, BTC is trying to gain a foothold above $42,800. The collapse of the bitcoin rate also hurt the alt-coin sector. Over the past 24 hours, the value of most assets fell by an average of 13%.</p>
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   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2024/01/04/14e7441a9079d065f65c9e9ca0279c71.webp.webp">
   <img loading="lazy" decoding="async" width="1024" height="515" src="https://cdn.thebittimes.com/images/2024/01/04/14e7441a9079d065f65c9e9ca0279c71.webp" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 3"> 
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   Source: CoinMarketCap
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 <p>The collapse came shortly after Matrixport analysts&nbsp;reported that the U.S. Securities and Exchange Commission (SEC) will not approve spot Bitcoin ETFs this month. Experts suggested that the agency will begin registering investment crypto-funds only after the applicant companies fulfill all the agency requirements. Matrixport representatives believe this could happen in Q2 of 2024.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/traders-liquidate-almost-700m-amid-bitcoin-s-precipitous-decline-tbt75559.html">https://thebittimes.com/traders-liquidate-almost-700m-amid-bitcoin-s-precipitous-decline-tbt75559.html</a></p>

Traders liquidate almost $700m amid Bitcoin’s precipitous decline

TheBitTimes

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