Bitcoin’s Drop Below $60K Contributes to Over $150M in Crypto Liquidations
Bitcoin’s recent drop below the $60,000 mark has triggered a significant wave of market liquidations, surpassing $151 million. The market cap also experienced a decline of over 1%. This dip in Bitcoin’s price range prompted substantial market liquidations, with the total market volume exceeding $100 million.
The crypto market saw a downturn in the previous trading session, leading to notable declines in assets like Bitcoin, resulting in substantial market liquidations. Coinglass data revealed that the total liquidation volume exceeded $151 million, occurring during a period when the market seemed to be on a path to recovery.
A breakdown of the liquidations showed that long positions bore the brunt, with over $116.3 million in liquidations for long positions compared to over $23.3 million for short positions. Bitcoin contributed approximately $38 million to the liquidations, less than half of the total market liquidations.
Long positions accounted for most of the liquidations in Bitcoin, totaling over $27.8 million, while short positions stood at around $10.37 million. The latest data indicated a volume surpassing $13 million, suggesting ongoing activity and market adjustments.
Bitcoin experienced a significant 3.63% decline in the last trading session, dropping from around $60,935 to approximately $58,722. This decline occurred just after the cryptocurrency had reclaimed the $60,000 price range, highlighting the importance of this recent drop. The price has since risen to about $59,500, marking a recovery of over 1%.
Despite the decline, there was a notable increase in trading volume, rising by over 60% to about $67 billion. This surge in volume indicates heightened trading activity as investors respond to market fluctuations.
The overall cryptocurrency market capitalization saw a decline of over 1.5% in the last 24 hours, with the market cap hovering around $2.1 trillion, according to CoinMarketCap data. The recent market liquidations have spurred increased trading activity as investors navigate the market changes.
