What happens next? By Cointelegraph

$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.

Bitcoin total liquidations. Source: Bybt.com

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.

Bitcoin estimated leverage on exchanges. Source: CryptoQuant