The last 48 hours have seen unprecedented happening in the world of cryptocurrencies. According to Larry Cermak, VP of Research at Theblockresearch.com, the interest in futures exchanges has tanked dangerously by 20% in the last two days – from $18 billion to about $14.4 billion. The two exchanges which have seen the most severe carnage are Binance and FTX. Almost two billion combined in losses and counting.
He tweeted and said, “The open interest on futures exchanges has gone down by about 20% in the last two days – from $18 billion to about $14.4 billion. Two exchanges that lost the most are Binance and FTX. Almost two billion combined.”
The open interest on futures exchanges has gone down by about 20% in the last two days – from $18 billion to about $14.4 billion.
Two exchanges that lost the most are Binance and FTX. Almost two billion combined. pic.twitter.com/YfgOVUNnWP
— Larry Cermak (@lawmaster) January 22, 2022
It has been a bloodbath in the last 48 hours. 185,450 crypto investors lose all their funds as Bitcoin drops to $36K. In the past 24 hours Bitcoin plummeted by more than 9% and was trading at $35,5K in the early hours of Friday.
The worst fears that experts previously echoed have come true. The experts have warned that concerns of pending interest rates hike and crypto ban proposal set in place by the Russians could push the price of BTC below $40K.
Widespread crypto carnage
The carnage has been fairly widespread, and ETH also saw a massive tanking of values by 8% in the last 24 hours. It was trading as low as $2,860 for the day, according to data seen from the FTX exchange.
It has been a bitter winter for the Number One crypto coin, BTC, which saw an erosion of $200 billion worth of crypto assets. Altcoins also posted double-figure losses, and Crypto market liquidations surpassed $881 million. 185,480 traders were liquidated for the day, with assets worth over $715 million.
The most severely hit was Binance, with $173 million, 91% of which were long positions. In second place was the Asian-focused exchange Okex, with $170 million in longs.