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Bybit Announces Upgrade to Liquidation Data API
Real-time Liquidation Data Now Available for Traders and Analysts
Major cryptocurrency exchange Bybit has announced an upgrade to its application programming interface (API), making all liquidation data publicly available to traders and analysts.
The upgrade delivers liquidation data updates every 500 milliseconds, twice as fast as the previous version, which provided just one update per second per trading pair. This ensures that every liquidation event is captured in real-time, eliminating blind spots that previously obscured the true scope of market activity.
The Importance of Liquidation Data
Liquidation data is crucial for traders and analysts, as it helps identify market trends, support and resistance levels, and potential volatility spikes. Examining the data provides real-time insights into market activity, enabling more informed investment decisions.
CEO and co-founder Ben Zhou emphasized the importance of transparency in a statement, saying, “The real spirit of crypto is transparency. By making all liquidation data fully public, we’re empowering traders and analysts with the insights they need.”
A Recent Example of Liquidation Data in Action
Earlier this month, significant volatility led to over $2.2 billion in liquidations being reported in just 24 hours. At the time, Zhou estimated that the “real total liquidation is a lot more than $2B, by my estimation it should be at least $8-10B.”
On Bybit alone, liquidations hit $2.1 billion in the previous 24 hours. API limitations were to blame for the lack of proper data on these events, according to Zhou.
How the Upgrade Benefits Traders and Analysts
The upgrade to the Bybit API provides numerous benefits to traders and analysts, including:
- Real-time liquidation data updates every 500 milliseconds
- Improved accuracy in identifying market trends, support and resistance levels, and potential volatility spikes
- Enhanced insights into market activity, enabling more informed investment decisions
Conclusion
The upgrade to Bybit’s API marks a significant milestone in the cryptocurrency space, as it provides traders and analysts with unprecedented access to real-time liquidation data. This increased transparency is a major step towards a more open and transparent market, and we can expect to see even more innovative solutions emerge as a result.
FAQs
Q: What is liquidation data, and why is it important?
A: Liquidation data refers to the process of liquidating trading positions when a trader’s margin account balance falls below a certain threshold. This data is important because it helps traders and analysts identify market trends, support and resistance levels, and potential volatility spikes.
Q: How does the upgrade to Bybit’s API benefit traders and analysts?
A: The upgrade provides real-time liquidation data updates every 500 milliseconds, improving accuracy in identifying market trends, support and resistance levels, and potential volatility spikes. It also enhances insights into market activity, enabling more informed investment decisions.
Q: What is the significance of the recent $2.2 billion in liquidations reported in 24 hours?
A: The recent $2.2 billion in liquidations highlights the importance of real-time liquidation data. Despite the reported figure, CEO Ben Zhou estimated that the "real total liquidation is a lot more than $2B, by my estimation it should be at least $8-10B." This underlines the need for more accurate and comprehensive data.
