Bitcoin is down a massive 13% on a weekly basis so far, while the steps of the German government and the Mt. Gox exchange after the German government hit the crypto world hard. One of the areas that suffered was the futures market.

Nearly $700 million

Bitcoin’s fall to as low as $53,200 led to the liquidation of $685 million worth of crypto positions in leveraged and futures trading within 24 hours. Of these liquidations, $590 million were long positions and $95 million were short positions.

The liquidation of Bitcoin positions was $230 million. Of this figure, $185 million was in long positions. The liquidation value in Ether was also close to Bitcoin at $167 million.

More than 230 thousand people’s positions were liquidated

Binance had the most liquidation with $346 million. OKX was in second place with 173 million dollars. The number of traders whose positions were liquidated was over 230 thousand.

The total value of cryptocurrency markets dropped to $2 trillion.