Bybit, a prominent cryptocurrency exchange, recently announced that it recorded $2.1 billion in liquidations on its platform within the last 24 hours.
What Lies Behind the Numbers?
Bybit's CEO Ben Zhou clarified that this figure is significantly lower than the overall liquidation values seen in the cryptocurrency market, which he estimates could be between 8 and 10 billion. Current data from platforms like Coinglass is insufficient, highlighting that while Bybit's reported liquidation was 2.1 billion, Coinglass only accounted for 333 million.
How Will Bybit Increase Transparency?
Bybit intends to publish comprehensive liquidation data. Zhou assured that this move would facilitate better market operations and allow a broader audience to access crucial information. Bybit's initiative may set a new standard for the industry, particularly benefiting those involved in leveraged trading.
Significance of Bybit's Initiative
Bybit's proactive approach could foster a more transparent trading environment, encouraging responsible trading practices and potentially influencing other exchanges to follow suit.
Bybit's proposed changes aim to create a more transparent and responsible environment for cryptocurrency trading.
