Liquidation isn't triggered by a price — it's triggered by running out of margin

<p>Last week roughly <strong>$1.6 billion</strong> in crypto positions was liquidated in a single day after an exchange reported a theft. Almost none of those traders were wrong about the direction. They were wrong about a rule: <em>how much margin a position must keep to stay open.</em></p> <p>Here is the mechanism, in the order it actually fires.</p> <h2> 1. The price that kills you is not the l

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