According to data from the Coinglass analytical platform, traders lost a staggering $259.8 million in just a single day due to the fluctuation in cryptocurrency rates.
On March 22, the value of bitcoin rose to nearly $29,000, but after the US Federal Reserve System (FRS) announced an increase in the rate, the price of the leading cryptocurrency plummeted to $27,000. This sudden shift in bitcoin’s value caused many altcoins to also drop in price.
Over the course of the last 24 hours, the Coinglass platform reports that 67,615 trader positions were liquidated, with the largest liquidation order taking place on Bitmex — XBTUSD for almost $7.39 million.
Additionally, the platform closed 68,800 orders for $132 million in bitcoin and more than $51 million in ether. OKX saw the most positions closed at 37%, followed by Binance at 26%, and Bybit at 13.6%.
The day before, Cody Harris, a member of the US House of Representatives, introduced a bill designed to protect the rights of bitcoin owners and miners in the state of Texas.
Harris argued that no local resident should be denied the right to own and store bitcoins. Meanwhile, on Wednesday evening, the US Securities and Exchange Commission (SEC) issued a warning to cryptocurrency exchange Coinbase, indicating that it could face legal action for selling unregistered securities.