Despite the recent downturn reported by Bitcoin (CRYPTO: BTC) and the larger crypto market, large-scale liquidations seemingly affected both long and short position holders despite the market moving down.
What Happened: A chart offered by crypto data firm Coinglass shows that on Monday liquidations affected both bulls and short-sellers almost equally with $468 million of short positions and $685.5 million of long positions liquidated within 24 hours. The liquidations happened as the crypto market bled from Monday's total market cap of $1.1 trillion down to $902 billion on Tuesday for an 18% loss, according to CoinMarketCap data.
See Also: How To Earn Free Crypto
While some would expect liquidations to disproportionately affect long positions during market downturns, that's not always the case. On Tuesday, the difference was even slimmer, with nearly $312 million of shorts and under $270 million of long positions being liquidated as the market bounced back for a difference of just 13%.
