Liquidations main reason for crypto sell-off, small amounts of realized losses

Quick Take

• CFTC is suing Binace over the alleged breaking of trading and derivatives rules.
• This saw a sell-off in the crypto market, with Bitcoin going down to $26,600.
• However, losses were extended for BNBUSD, which saw a price decline to 307, and its ratio compared to Bitcoin went down to a sixth-month low of 0.011.
• Liquidations were plenty, over $100 million in the past 4 hours for the entire crypto ecosystem, according to Coinglass.
• Roughly $65 million of realized losses in the past few hours is a very small amount when comparing year-to-date.
• This is not a capitulation event compared to previous dates this year, such as Jan 26 and March 7, which saw hundreds of millions of losses.

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