More than $ 750 million in crypto positions liquidated over concerns over new variant of COVID-19 “Omicron”

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After the World Health Organization (WHO) warned of a new variant of COVID-19 named Omicron detected in South Africa, the cryptocurrency market went into panic on Friday.

With Bitcoin (CRYPTO: BTC) falling below $ 63,000 and markets closing in the red, many crypto traders have seen their positions liquidated.

Bitcoin’s decline led to the downfall of the entire market.

Over $ 751 million in digital asset trader positions were wiped out in 12 hours. Of these losses, 85.2% came from investors holding long positions.

Long Binance liquidations accounted for the bulk of the losses with $ 266 million, or 42.22% of the total liquidations. Okex and FTX experienced the second and third largest liquidations, accounting for $ 143 million and $ 58.25 million respectively.

According to technology expert Kate Rooney, the new variant of the coronavirus is sending shock waves through markets around the world.

“It’s really the same gut reaction that we see in tech and some of the fastest growing names with news of this variant of covid. Bitcoin is still viewed as that riskier asset. Safe havens don’t quite stick out yet, “Kate said. Also read: Updates from Jack Dorsey on $ 28 million fund that seeks to make Bitcoin the” Internet currency “: What you need to know

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