2 years ago
A lone trader mislaid much than $11 cardinal connected a azygous futures commercialized involving Theta Networks’ THETA token arsenic the terms jumped 18% successful 24 hours.
The trade, among the largest for mid-cap cryptos successful caller months, occurred connected crypto speech Binance and formed the largest portion of the $11.67 cardinal successful liquidations connected THETA futures. Usually, the largest liquidations hap connected futures tracking bitcoin (BTC) oregon ether (ETH), the 2 most-traded cryptocurrencies.
A azygous THETA trader mislaid implicit $11 cardinal to liquidations. (Coinglass)
Liquidations hap erstwhile a trader has insufficient funds to capable a borderline telephone – a request for other collateral by the speech to support the trading presumption funded. They’re particularly communal successful high-risk trading owed to the volatility of assets.
Of the $11.67 cardinal successful liquidation losses to THETA futures traders, 1 idiosyncratic was abbreviated $11.08 cardinal of THETA, meaning that idiosyncratic was betting the token's terms would drop, information from analytics work Coinglass show. The presumption was liquidated arsenic prices jumped 18% from Monday’s lows of $2.73.
Binance, the largest crypto exchange, unsocial saw $11.54 cardinal worthy of shorts placed connected THETA futures. Rival speech OKX had $53,000 worth.
THETA deed resistance adjacent the $3.50 level and tumbled 30 cents astatine the clip of writing. It could autumn to the $2.90 level if the selling unit continues.
THETA faced absorption astatine the $3.50 level. (TradingView)
The THETA token forms the backbone of decentralized video-streaming work Theta Network and tin beryllium staked by those wishing to go “Validator” oregon “Guardian” nodes to gain returns. THETA allows nodes to validate transactions, nutrient blocks, ballot connected changes to the web and gain TFUEL arsenic a reward, according to the technical documents.
THETA roseate to $3.39 successful aboriginal Asian hours amid a broader revival successful the crypto market. Bitcoin rallied done $44,000, portion ETH, Terra’s LUNA, and different large cryptocurrencies person each posted gains successful excess of 10% successful the past 24 hours.
At the clip of writing, THETA is the 45th-largest cryptocurrency and has a marketplace capitalization of $3.2 billion.
UPDATE (March 1 21:22 UTC): Corrects the trading awesome for ether to bitcoin.
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Shaurya is an analyst/editor for CoinDesk's markets squad successful Asia.
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