The recent correction of the cryptography market may have liquidated up to $ 10 billion in capital, eclipizing previous estimates, according to the CEO of Bybit.
More than $ 2.24 billion was liquidated from the cryptographic markets in 24 hours on February 3, depending on Coinglass Data.
However, the co-founder and CEO of Bybit, Ben Zhou, said that the real figure can be five times greater.
“The liquidation of Bybit 24hr alone was 2.1 billion dollars,” wrote Zhou in a post of February 3.
“I fear that the actual total liquidation today is much more than $ 2 billion, in my opinion, it should be at least $ 8 billion to 10 billion,” he said.
The crypto liquidation event of several billion dollars occurred in the midst of increasing macroeconomic concerns concerning the potential days of the World War of Trade after President Donald Trump signed an executive decree to impose import rates Home.
Crypto liquidation data dictnsion caused by API limitations
The differences in the crypto liquidation figures were probably caused by limits in application programming interfaces (API) of cryptocurrency exchanges.
This is what caused platforms like quince to report the liquidations of Bybit to 333 million dollars instead of the real figure of $ 2.1 billion, said Zhou, adding:
“We have a limitation of the API on the number of flows pushed per second. According to my observation, other exchanges also practice the same to limit the liquidation data. »»
“In the future, the bybt will start to push all the liquidation data. We believe in transparency, ”said Zhou.
More than 730,000 merchants were captured in the cryptography liquidation event of several billion dollars.
The largest single liquidation order has been recorded on Crypto Exchange Binance against an ETH / BTC negotiation pair worth 25.6 million dollars, according to Corglass data.
However, some traders made millions from the current correction of the cryptography market.
February 2. An informed merchant has made nearly $ 16 million on its position available with a 50x lever, which was betting on the drop in prices of Ether (ETH).
