Labor Day Leverage Check
Sep 8, 2021
• 8
Min Read
Key Takeaways
On Tuesday, the market experienced cascade of liquidations as nearly $4.0 billion of long positions across the entire crypto market were wiped out. Approximately $1.0 billion of $BTC long positions and $855 million of $ETH long positions were liquidated.Tuesday’s liquidations were possibly exacerbated by the leverage embedded in the Ethereum market and the wider altcoin universe.$BTC and $ETH found ample buying support above their 200-day moving averages and continue to show resilience at the time of writing.The positive trend in Bitcoin price action continues to be driven ...