The bitcoin market suddenly fell yesterday, cleaning up some of the over leveraged traders before rebounding on Monday afternoon. Cryptocurrency traders lost more than $1.7 billion in the past day as the cryptocurrency market was hit by high financing rates and over leveraged trading. Bitcoin once fell below $46000, while some “counterfeit coins” fell more than 40% in two days. Closing is a market term that describes closing a loss making position on an exchange. This happens when a trader borrows more than the principal to better bet on a potentially larger yield. When the price moves in the opposite direction, the exchange automatically closes the leveraged positions, which is called “closing”. According to bybt, a cryptocurrency market tool, bitcoin traders alone lost $500 million, Ethereum traders lost more than $300 million, and Rippon traders lost $74 million. Speculators in dogcoin have also suffered a lot. In the past day, dog coin has been liquidated for $40 million. Bybt said 254795 traders had been closed in the past 24 hours, while the largest single clearing took place in Huobi, the cryptocurrency exchange, where long betcoin positions worth $21.25 million were cleared. The cryptocurrency exchange, binance, has more than $800 million in clearing, with 91% of the trades being “long” (betting on market upside). Huo yuan closed US $300 million, bybit and okex closed US $236 million and US $101 million respectively. Bitfinex’s clearing amount is only $2.21 million, the lowest of all major cryptocurrency exchanges. At the same time, since yesterday’s plunge, the cryptocurrency market has shown some signs of overall rise. As of press time, bitcoin prices had risen to more than $48785, while the defi industry rose strongly after a sudden fall in bitcoin prices. By the time of the announcement, shares of “blue chips” such as AAVE, sushi, uniswap and syntix were all up more than 10%. Overview of cryptocurrency market source: Despite the brutal liquidation of coin360, it was a normal day for most cryptocurrency traders. For the unpredictable cryptocurrency market, speculation is still relatively large. In this volatile market, the competition between long and short has never stopped.