$500M in crypto futures liquidated as Bitcoin dips below $34K: What happens next?
Roughly $500 million worth of cryptocurrency futures positions were liquidated in the past 24 hours. The mass liquidation of positions happened before the price of (BTC) dipped below $34,000 on Jan. 17.
Overnight, the price of Bitcoin rose by 6.7% from $35,500 to nearly $38,000. Meanwhile, the futures funding rate sharply increased, indicating an overleveraged market.
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