Naturally, most of the liquidated positions were longs.
Bitcoin’s price ascent came to an end minutes ago as the asset was rejected at $75,000 and pushed south by two grand in minutes.
The notable price decline came after the US jobs report for the past week came out, which was actually quite positive.
The US Labor Department announced minutes ago that initial claims for state unemployment benefits dropped 11,000 to a seasonally adjusted 207,000 for the week that ended on April 11. The forecasts were slightly higher at around 215,000 claims.
Layoffs remain relatively low, but the war with Iran could be hindering hiring, reads a Reuters report.
“At some point, elevated energy costs and prices for materials will cause firms to lay off marginal workers to protect profit margins. Just keep in mind that in the 1973 oil shock, it took about three months for claims to start to rise in any meaningful way,” commented High Frequency Economics’s chief economist, Carl Weinberg.
Although this news is somewhat positive, BTC’s price dipped immediately after the report went live. The cryptocurrency traded at $75,000 but dumped to $73,200 in minutes before it rebounded slightly to $73,700.
The liquidations jumped immediately as most alts followed suit with similar moves. In the past hour alone, over $120 million worth of longs and shorts have been wrecked, with the former dominating. On a daily scale, the total value is up to $350 million.
Almost 140,000 traders have been wrecked in the past day, with the single-largest liquidation taking place on Binance, and it was worth nearly $10 million.
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