$1.10 Billion Crypto Liquidation in Bitcoin Crash, What’s Happening?

A sudden drop in Bitcoin (BTC), the world’s largest asset has resulted in the liquidation of a significant $1.10 billion worth of long and short positions in the past 24 hours. Of this massive liquidation, BTC alone accounted for $565 million, with $417 million coming from long positions and $145 million from short positions, as reported by on-chain analytics firms Coinglass.

Top Crypto Liquidation

Meanwhile, XRP, Solana, and Ethereum experienced liquidations of over $54.11 million, $30.15 million, and $108 million, respectively. The single largest liquidation order occurred on OKX in the BTCUSDT pair, valued at $18.94 million. Data shows that bulls were the hardest hit in this recent crash.

Additionally, for the first time since BTC crossed the $100,000 mark, it has failed to sustain this level, resulting in the liquidation of 208,389 traders’ positions. During this market dip, BTC’s price declined by 5.47% in just minutes, dropping from $98,338 to $92,957. However, since the drop, the price has rebounded as of press time.

Bitcoin Current Price Momentum

At press time, Bitcoin is trading near $96,935 and has recorded a price decline of over 2.10% in the past 24 hours. Meanwhile, this crash has attracted notable participation, as evidenced by the trading volume. According to CoinMarketCap, BTC’s trading volume surged by 98% during the same period.

However, this price drop has created fear among traders, as there is no clear reason identified for the decline. This has raised concerns about whether the drop will happen again or if the market will now rebound.