Over $200M Long Crypto Positions Wiped Out As Bitcoin, Ethereum, Dogecoin Drop

At least $220 million worth of longs and shorts got liquidated in the last 24 hours from the crypto market, in the aftermath of Kraken suspending ‘staking’ operations.

What Happened: Data from CoinGlass shows that $200 million worth of longs were liquidated and over $20M shorts since the past day.

Over 43% of liquidations happened on Binance, worth $100 million.

Of the total liquidations, BTC worth $53 million was liquidated. ETH liquidations stood at $52 million and Dogecoin DOGE/USD at $5 million.

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The liquidations came in after Kraken has agreed to suspend its cryptocurrency staking operations to settle charges with the Securities and Exchange Commission. The SEC states that Kraken must "immediately" discontinue its crypto staking-as-a-service platform for U.S. customers and pay a $30 million penalty to settle its charges of offering unregistered securities.

Price Action: At the time of writing, ETH was trading at $1,543 down 5.60% in the last 24 hours, according to Benzinga Pro.
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