The price of bitcoin had undergone a significant correction over the past few days, causing the currency to reach below US$ 43,000 on Thursday (6).
Spurred by a new statement from the Fed, the United States monetary authority, bitcoin’s recent devaluation resulted in more than US$ 812 million of leveraged positions being liquidated in the futures market, where most investors were betting on the cryptoassets’ bullishness.
According to CoinDesk, in the past 24 hours, the price of bitcoin has plummeted to US$ 42,500, losing the support at US$ 43,000.
Before the effects of the Fed statement, bitcoin was trading around US$ 47,000.
In total, 87% of the positions in the bitcoin futures market were waiting for the cryptoasset to appreciate. However, as the price fell, more than US$ 317 million was lost to the devaluation on Thursday (6).
At OKEx alone, more than US$ 214 million in bitcoin futures contracts were settled in the past 24 hours. Binance is also another exchange affected by the sharp devaluation of bitcoin. On the platform created by Changpeng Zhao, losses total US$ 236 million.
Dragged down by the bitcoin, most cryptoassets have depreciated sharply, affecting the futures market for ethereum, Solana, ripple and dogecoin.
In the case of ethereum, more than US$ 164 million in futures contracts were settled shortly after the drop in the price of the ether, currently priced below US$ 3,500 on the market.