https://cointelegraph.com/news/bitcoin-price-swings-liquidate-360m-leverage-trades

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13 Mar 2024

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BRAYDEN LINDREA
5 HOURS AGO

Bitcoin price rollercoaster liquidates $360M from long and short sellers

10x Research attributed the large liquidations to some traders anticipating a price correction, while others have fear of missing out (FOMO) that Bitcoin will keep rallying.
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Over $361 million worth of leveraged trades have been liquidated over the last 24 hours as Bitcoin
BTC
$72,892
hit a new all-time high of $73,050 before falling back down below $70,000 on March 12.The price swing mostly liquidated long positions — those betting it would rise — with $258 million erased, while short sellers were ousted a little over $103 million, according to data from crypto trading and information platform Coinglass.
It’s the largest long flush-out since March 5, when Bitcoin fell to $60,800 after notching its previous all-time high of around $69,000.
Daily cryptocurrency short and long liquidations over the last six months. Source: Coinglass
Volatility wasn’t as severe this time around, with Bitcoin’s price only swinging 4.85% between its March 12 low of $69,365 and a high of $72,733, according to CoinGecko.
Bitcoin has since leveled out to $71,400 at the time of publication.

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A 10x Research spokesperson told Cointelegraph the uptick in volatility is likely stemming from traders anticipating a price correction.

“Traders are becoming more nervous that we could see a price correction as Bitcoin has failed to rally during [United States] trading hours when the ETFs start trading.”

“At the same time there is big FOMO going on,” which may mean the rally will continue, the spokesperson added.
10x Research also noted that futures open interest increased 5% over the weekend — March 9 and 10 — which it suspects were put on with tight stops.
Related: Bitcoin short sellers are out $161M as Bitcoin surprises with 11% rally
Bitcoin and Ether
ETH
$4,042
trades accounted for the most liquidations over the last 24 hours at $106.3 million and $73.3 million, respectively.Solana
SOL
$151
, Dogecoin DOGE
$0.17
and the Bitcoin-based memecoin Ordi (ORDI) also saw significant liquidations.Cryptocurrency liquidation heatmap over the last 24 hours spanning March 11-12. Source: Coinglass.
The most short and long liquidations occurred on crypto exchange OKX, totaling $152 million, while Binance traders saw combined losses of $128.4 million.
Short sellers lost more than $6 billion trying to bet against publicly traded crypto firms over the first 11 months of 2023 as Bitcoin rallied 130% to $37,800 over the same time, according to research firm S3 Partners.
Magazine: ‘Crypto is inevitable’ so we went ‘all in’ — Meet Vance Spencer, permabull
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EZRA REGUERRA
6 HOURS AGO

OKX gets in-principle approval for payment institution license in Singapore

The Major Payment Institution license will allow OKX to facilitate multiple payment services and exceed the transaction volume limitations set by Singapore’s financial regulator.
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Crypto exchange OKX has acquired in-principle approval from Singapore’s financial watchdog for a Major Payment Institution (MPI) license through its local subsidiary, OKX SG.
In an announcement sent to Cointelegraph, OKX said it had already received the in-principle approval for the license. The MPI license is issued by the Monetary Authority of Singapore (MAS), the country’s principal financial regulator. After receiving the full license from MAS, OKX will be allowed to provide digital payment token services and cross-border transfers in the country.
OKX president Hong Fang said that Singapore was always a priority for the exchange in terms of its global strategy. The executive explained that Singapore attracts entrepreneurs venturing into new markets. “It’s a market of early adopters who are well-versed in technology.” Fang also described the country’s regulatory framework as “clear and thoughtful,” allowing businesses to “build better for the long-term.”
Fang also explained that with the new milestone, the company would focus on its spot product in Singapore. In the future, the executive said that OKX will work on bringing local banking connections to its customers and expand its offerings.
MPI-licensed companies are allowed to facilitate multiple payment services exceeding the volume limitations set for payment firms. This means that OKX could exceed the 3 million Singapore dollars (about $2.2 million) limit for any payment service and the monthly limit of 6 million SG$ ($4.4 million) for two or more payment services.
The in-principle license approval comes after OKX secured a conditional license from Dubai’s crypto regulator. On Jan. 16, Dubai’s Virtual Assets Regulatory Authority awarded OKX a license allowing the company to offer regulated services for virtual asset service providers in the region.
Related: Singapore central bank says three business days is ‘timely transfer’ for stablecoins
Apart from OKX, crypto custody business BitGo also received an in-principle approval from MAS. On Jan. 10, BitGo announced that it has also received the initial nod, subject to completing further requirements set by the regulator.
Other crypto organizations, including Crypto.com, Coinbase and Ripple, have obtained complete payment institution licenses in Singapore. In June 2023, Crypto.com secured its MPI license after completing the requirements set by the regulator. Coinbase acquired the license on Oct. 2, 2023, while Ripple received its formal approval on Oct. 4, 2023.
Magazine: Zhu Su pumps Milady to $19K, Alchemy Pay crypto bank, HK tokens: Asia Express
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