Hundreds of Thousands of Traders Lose Rp18 Trillion Amid Escalation of Middle East Conflict
The crypto market experienced a liquidation of US$1.1 billion or equivalent to Rp18.3 trillion, after #bitcoin (BTC) fell to the level of US$103 thousand, on Friday (13/06). This occurred amid the escalation of conflict due to Israel's attack on the Natanz Nuclear Facility in Tehran, Iran.
Interestingly, the losses were dominated by traders who took long positions, primarily on Bitcoin, with total losses reaching US$455 million. Meanwhile, the amount liquidated on Ethereum (ETH) was US$268 million.
Overall, this liquidation affected around 247,063 traders. Long position traders recorded liquidations of US$1.05 billion, while short traders were only US$82 million.
The exchange contributing the largest liquidation was Binance with US$457 million. Next, Bybit US$371 million, and then OKX US$125 million.
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Image Source: Bloomberg
