Bitcoin price falls below $68,000, volatility causes spike in long liquidations
The price of bitcoin has dropped by over 8% in the past 24 hours, hovering above the $67,000 mark.The latest price correction has impacted long positions, with over $278 million in bitcoin longs liquidated.
The value of the largest cryptocurrency by market cap decreased by over 8% in the past 24 hours, trading at $67,016 at 5:40 a.m. ET.
The price of bitcoin has fallen below the $68,000 mark. Image: The Block.
The price correction over the past day led to substantial liquidation of long positions on centralized exchanges. This volatility resulted in the liquidation of more than $278 million in Bitcoin positions, with the majority ($225 million) being longs, according to CoinGlass data .
The second-largest crypto ether (ETH) also experienced an 8% downturn over the past day, now standing at $3,662 at 5:40 a.m. ET. However, SOL, the native coin of the Solana network, defied the downtrend by gaining a muted 0.5% in the same period, according to The Block’s Prices Page .
The overall crypto market experienced over $667 million in liquidated long positions in the last 24 hours, contributing to a total of $809 million in liquidations across various centralized exchanges, the data show.
Liquidations occur when a trader’s position is forcibly closed due to a lack of funds to cover losses. This happens when market movements are unfavorable to the trader’s position, leading to the depletion of their initial margin or collateral.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
From "whoever pays gets it" to "only the right people get it": The next generation of Launchpads needs a reshuffle
The next-generation Launchpad may help address the issue of community activation in the cryptocurrency sector, a problem that airdrops have consistently failed to solve.
After bitcoin returns to $90,000, is Christmas or a Christmas crash coming next?
This Thanksgiving, we are grateful for bitcoin returning to $90,000.
Bitcoin security reaches a historic high, but miner revenue drops to a historic low. Where will mining companies find new sources of income?
The current paradox of the Bitcoin network is particularly striking: while the protocol layer has never been more secure due to high hash power, the underlying mining industry is facing pressure from capital liquidation and consolidation.
Trending news
MoreCrypto prices
More
