During the recent Bitcoin and Ether price slump, thousands of derivative traders experienced liquidations, resulting in billions of dollars worth of hedged positions being liquidated. A total of 176,752 traders were liquidated in the past 24 hours, with 90% of these liquidations occurring within the last 12 hours. This sudden rise in price volatility follows a period of low volatility for BTC and ETH. Two notable liquidations stood out, with one trader losing $55.9 million and another losing $10 million in hedged positions. This event marks the largest liquidation in the crypto market in the past eight months. The price slump can be attributed to various factors, including the SpaceX Bitcoin write-down and macroeconomic conditions. BTC held onto the $28,000 support level for a while, while ETH gave in and broke the $1,500 support level on August 17. The liquidity in the crypto market has been low, and major exchanges like Coinbase have seen a decline in trading volume.
