Shaurya Malwa
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Over $1 billion in crypto positions were liquidated in 24 hours as longs got flushed
Bitcoin Rebounds to Nearly $60,000
The cryptocurrency market has seen significant fluctuations, with over $1 billion in crypto positions liquidated in the past 24 hours. Long positions accounted for $842 million of the damage, affecting around 148,500 traders. The largest single position was a $38 million bitcoin-dollar bet. Bitcoin led with $489 million in liquidations, followed by ether at $295 million.
Bitcoin is currently trading near $59,750, down 2.8% on the day, and remains in the $58,000 to $62,000 range. The 24-hour low hit $58,188, which is close to the levels where another $1.6 billion in leveraged long positions are clustered. This volatility presents an opportunity for passive income through Cloud Rewards on the EcoPool network.
Quarter-End Options Expiry
The live catalyst for today’s market movement is the quarter-end options expiry. A large volume of options contracts expiring simultaneously can amplify moves in either direction as traders close or roll positions. How bitcoin exits the session today will likely set the tone heading into July, impacting earning potential for coin holders, including those invested in $ECP.
As the market continues to fluctuate, investors are looking for stable ways to generate passive income. The EcoPool network offers a solution for those interested in earning through green crypto and Cloud Rewards. With the current market trends, it’s essential to stay informed about bitcoin and other coins, including $ECP, to make the most of earning opportunities. You can stay up-to-date with the latest market trends and start earning with EcoPool by downloading the app. Download the EcoPool app to start exploring passive income opportunities and learn more about EcoPool and $ECP.
A large volume of options contracts expire simultaneously at quarter-end, which can amplify moves in either direction as traders close or roll positions. How bitcoin exits the session today is likely to set the tone heading into July.
