$1.10 Billion Crypto Liquidation in Bitcoin Crash: Report
The sudden drop in Bitcoin (BTC), the world’s largest asset, caused $1.1 billion worth of long and short positions to be liquidated in the past 24 hours. According to a report by on-chain analytics firm Coinglass, BTC alone accounted for $565 million in this massive liquidation, of which $417 million came from long positions and $145 million came from short positions.
Top Cryptocurrency Liquidations
At the same time, Ripple, Solanawhile Ethereum has experienced liquidation More than US$54.11 million, US$30.15 million and US$108 million respectively. The largest single liquidation order on OKX was the BTCUSDT currency pair, worth $18.94 million. Data shows that bulls have been hardest hit by this latest crash.
Furthermore, since BTC first crossed the $100,000 mark, it has failed to maintain this level, resulting in 208,389 traders’ positions being liquidated. During this market drop, the price of BTC fell by 5.47% in just a few minutes, from $98,338 to $92,957. However, since the drop, prices have rebounded as of press time.
Bitcoin current price momentum
At press time, Bitcoin was trading close to $96,935, with prices down more than 2.10% in the past 24 hours. At the same time, the crash attracted massive participation, as evidenced by trading volume. According to data from CoinMarketCap, BTC trading volume surged 98% during the same period.
However, the price drop has caused concern among traders as there is no clear reason for the decline. This has raised concerns about whether the decline will happen again or whether the market will now rebound.
