The 35% drop in silver surpasses bitcoin in a rare liquidation in the crypto market
Tokenized silver futures recorded the largest liquidations in the cryptocurrency markets over the last 24 hours, surpassing bitcoin and ether, as a sharp decline in metals combined with highly leveraged trading on crypto platforms.
What you need to know:
Tokenized silver futures led the liquidations in the crypto market over the last 24 hours, with approximately $142 million eliminated, surpassing bitcoin and ether as a drop in metals affected commodity-based crypto products. The liquidation followed a sharp reversal in silver prices, a drastic reduction in the bullish bets of hedge funds on silver, and CME Group's decision to raise margin requirements on gold and silver futures by up to 50 percent. The episode highlights how crypto spaces are increasingly serving as macro trading avenues, with traders using tokenized instruments to express opinions on commodities instead of focusing solely on fundamental digital assets like bitcoin and ether.#bitcoin $BTC
