Data shows that crypto-tracked futures suffered over $800 million losses, the second-largest figure this year. Longs, or bets on higher prices, suffered $660 million in liquidations, likely contributing to the sharp downturn. Liquidation occurs when an exchange forcefully closes a trader’s leveraged position due to a partial or total loss of the trader’s initial margin.
Source: https://www.coindesk.com/markets/2024/03/15/bitcoin-trader-sees-prices-slumping-to-60k-as-crypto-bulls-see-650m-in-liquidations/?utm_medium=referral&utm_source=rss&utm_campaign=headlines