In February, the crypto market experienced a wave of liquidations, resulting in the loss of over $809 million for traders. Bitcoin and other leading assets saw a significant drawdown as a result. Liquidations have continued, reaching $1.48 billion in 24 hours. While this has been challenging for traders, it has benefited exchanges through increased trading volumes, funding fees, and other sources of income related to leveraged trading. Bybit, in particular, has capitalized on the market turbulence and has seen a surge in liquidations, becoming the leader in new liquidations in the past 24 hours. There have been suspicions of market tampering, as Bybit's recent increase in volumes and influence coincided with a $1.5 billion hack. It is unclear how much of the liquidated funds Bybit holds and if the exchange itself trades against users.



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