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Bitcoin (BTC), the world’s leading digital currency, has suffered severe price volatility in the last few days. The coin has struggled to stay above the psychological $100,000 level. This has resulted in $527 million in combined crypto liquidations in the last 24 hours.
Long positions take hardest hit
According to CoinGlass data, Bitcoin’s total liquidation was $161.96 million. Notably, long position traders recorded more liquidations at $92.12 million, while short position traders registered $69.84 million within the same time frame.
This data shows that traders betting long on Bitcoin suffered higher liquidations, as BTC could not maintain stability above $100,000.
Alex DovbnyaBitcoin’s liquidation and price have impacted other altcoins. Other major assets that contributed to the total liquidation of $527 million include Ethereum (ETH), XRP, Dogecoin (DOGE) and Solana (SOL).
Ethereum’s total liquidation was $109.23, with long position traders suffering a loss of $57.47 million and short traders recording $51.76 million.
XRP’s liquidation of $29.22 million comprised $16.70 million long position traders and $12.52 million on short positions.
DOGE continued the pattern of long position traders suffering more liquidations than short-position traders with $15.34 million against $11.36 million to give a total of $26.70 million cumulatively.
Solana recorded a liquidation imbalance with short-position traders' liquidation of $13.01 million, while the long position stood at $10.85 million. This gives a total liquidation of $23.87 million.
Bitcoin eyes recovery, but more volatility ahead
Tomiwabold OlajideAs of this writing, the Bitcoin price is witnessing a rebound on the crypto market as the coin is changing hands at $98,835.08, atop a 4.01% rally in 24 hours. However, Bitcoin’s trading volume has dropped by 21.4% to $79.92 billion, showing tempered sentiment.
Raoul Pal, Real Vision CEO, in recent advice to the crypto community, urged investors to brace for further price collapses before it hits a new peak. He said BTC could plunge to $70,000 but urged investors not to panic.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Gamza Khanzadaev
Dan Burgin
Vladislav Sopov