Exchanges Cancel More Than $600 Million in Positions

The volatility in the crypto market has escalated again, and Bitcoin plummeted to $17,500 on Saturday. Exchanges began a massive liquidation of futures positions amid the return of turbulence.

Ether fell below $1,000. Leading altcoins, including Binance Coin (BNB) and Avalanche (AVAX), suffered the biggest losses as a result of Saturday’s collapse.

Since Friday, the crypto market’s capitalization has shrunk by nearly $100 billion. Digital currencies are now worth just over $878.602 billion.

According to Glassnode, exchanges eliminated 160,000 traders in 24 hours on Saturday. The total liquidation amounted to more than $600 million. The largest closure took place on BitMEX in the ETH/USD pair ($7.5 million).

The total liquidation of Bitcoin and Ethereum positions amounted to about $300 million and $200 million, respectively.