Over $225M Worth Of Crypto Positions Liquidated Amid Binance Shake-Up, Changpeng Zhao Exit
Portfolio Pulse from Mehab Qureshi
Over $225 million in crypto positions were liquidated following Binance CEO Changpeng Zhao's resignation. The liquidations were predominantly in long positions, with Binance seeing $98 million in trades. Bitcoin, Ethereum, Binance Coin, and Dogecoin were notably affected, with Bitcoin and Ethereum taking the largest hits. Zhao's departure and the subsequent withdrawal surge of $566.8 million from Binance have contributed to market instability.
November 22, 2023 | 5:30 am
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NEGATIVE IMPACT
Binance Coin (BNB) experienced $4.35 million in long liquidations, potentially affecting its short-term price stability.
The liquidation of Binance Coin positions and the CEO's resignation may lead to short-term negative sentiment and price impact for BNB.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
Bitcoin faced $50 million in long liquidations amid the Binance shake-up and Changpeng Zhao's resignation, contributing to a 3.11% price drop.
The resignation of Binance's CEO and the large amount of Bitcoin liquidations are likely to negatively impact investor confidence and Bitcoin's price in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 90
NEGATIVE IMPACT
Dogecoin long positions worth over $4.77 million were liquidated, which could lead to a short-term negative price trend.
The liquidation events and the Binance CEO's resignation may cause a dip in Dogecoin's price in the short term due to increased market fear.
CONFIDENCE 65
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Ethereum saw $20 million in long liquidations, likely contributing to market uncertainty and potential short-term price decline.
The liquidation of long Ethereum positions in the wake of the Binance news could lead to a decrease in Ethereum's price in the short term.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80