Bitcoin’s turbulent Thursday apparently caught traders unaware, and the token’s sudden plunge led to around $300 million worth of BTC-specific liquidations in 24 hours, and more than $800 million worth of liquidations across the broader crypto market. caused liquidation.
Early Thursday morning, Bitcoin approached $74,000, setting another new all-time high for the hot cryptocurrency. Subsequently, a report from the US Department of Labor revealed that inflation has not yet subsided completely and Bitcoin remittances are not progressing. negative spiral That means he hasn't fully recovered yet.
BTC fell to $65,848 on Friday morning.I have since recovered $67,860 At the time of writing, the stock is down 8% from Thursday's high.
This decline was clearly unexpected for many traders. record breaking rally Over the past few weeks, I've bet hundreds of millions of dollars on a coin that continues to rise in price.
According to the data, $200 million worth of long BTC positions were liquidated in the last 24 hours alone. coin glass. More than $70 million in short positions in the world's top cryptocurrencies were also liquidated during the same period.
Bitcoin-related liquidations accounted for more than a third of all such trades in the crypto market, but many other coins have followed suit and heated up over the past day.
Ethereum The stock fell about 8% following yesterday's gloomy inflation news. $3,701 Currently writing. In a similar trend to BTC, over $100 million worth of long ETH positions were subsequently liquidated, along with over $30 million worth of short positions in the token.
Other tokens that shed the most blood due to yesterday's sudden price drop include: Solana and dogecoinresulting in liquidations worth more than $40 million and $18 million, respectively.
While most of the liquidations for the majority of cryptocurrencies have been from long positions, Solana is a rare exception that bucks that trend, with SOL's long and short liquidations being almost evenly distributed at around $20 million each in the past 24 hours. divided.
Edited by Andrew Hayward
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
