Around US$1.5 billion of Bitcoin long positions were liquidated today across some of the world’s top crypto exchanges, including Binance and FTX, according to Bybt data. Bitcoin had been trading above US$42,000 until trading opened in Asia and news emerged of a new warning by China against cryptocurrency use.

Fast Facts:

  • Long positions worth US$1.4 billion were liquidated from Bitmex, Binance, OKEx, Huobi, Bybit, FTX, Deribit and Bitfinex between 9 a.m. and 4 p.m. Hong Kong time, with more than half of those liquidations executed at around noon local time.
  • The mounting liquidations of long positions have contributed to a total of more than US$8.7 billion worth of Bitcoin longs liquidated from exchanges since May 13.
  • Bitcoin was trading at around US$55,500 on May 13, but it has since lost almost 30% of its value and was changing hands at US$39,218 as of 4 p.m. Hong Kong time today.
  • Tesla founder Elon Musk announced the electric carmaker’s divorce from Bitcoin late last week. Bitcoin last traded below US$40,000 on February 8, when Tesla announced a US$1.5 billion purchase of the cryptocurrency.