While Bitcoin and Ethereum continue to fall in value, cryptocurrency traders are facing large liquidations.
As Bitcoin momentarily fell below $28,955 and Ethereum fell to $1,830, a wave of liquidations swept across numerous cryptocurrency exchanges, causing traders to lose $116 million in an hour, according to Coinglass statistics.
Over $41 million in Bitcoin positions have been liquidated. Long liquidations were most common on Bitfinex ($28.98 million), Okex ($44.68 million), and Binance ($22.47 million).
When a trader loses their initial margin on a position, the position is instantly liquidated.
The leading digital currency has already returned to $29,191, with Ethereum trading at $1,841.
As Bitcoin remains in the $29,000 range, Santiment has tweeted that the number of significant whale wallets continues to rise.
These addresses hold between 100 and 1,000 bitcoins. Since late January, when the price of Bitcoin fell to around $33,500, these wallets have started accumulating more of it. Almost 190 additional wallets have been introduced just three months ago.
According to Santiment, the increasing number of this form of BTC address shows a correlation with the price as both begin to rise.
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