BitcoinThe tumultuous Thursday clearly caught traders by surprise, as the token's sudden drop led to nearly $300 million in BTC liquidations in 24 hours, and over $800 million in liquidations across the broader cryptocurrency market.
Early Thursday morning, Bitcoin reached nearly $74,000, marking another all-time high for the hot cryptocurrency. Then a report from the US Department of Labor revealed that inflation had not yet fully subsided, sending Bitcoin on a massive scale whirlpool From which she has not yet fully recovered.
Bitcoin fell to a low of $65,848 on Friday morning; He has since recovered $67,860 At the time of writing, it was down 8% from Thursday's highs.
Obviously, this drop was not expected by many traders who – amid BTC's astonishing rise, A record-breaking march In the past two weeks – he has bet hundreds of millions of dollars on the price of the currency continuing to rise.
Over $200 million worth of long Bitcoin positions have been liquidated in just the past 24 hours, according to data from Queen Glass. More than $70 million worth of short positions in the world's top cryptocurrencies were also liquidated in the same period.
While Bitcoin-related liquidations make up more than a third of all such transactions in the cryptocurrency market, many other currencies have felt the heat in the last day, following similar trends.
Ethereum About 8% of the subdued inflation news yesterday, fell to $3,701 When writing. In a trend parallel to that of BTC, over $100 million of long positions on ETH were liquidated in the aftermath, along with over $30 million of short positions in the token.
Other coins deadlier due to yesterday's sudden price drop include: Solana And Dogecoinwhich saw liquidations of over $40 million and $18 million, respectively.
Although the vast majority of cryptocurrencies have seen most of their liquidations come from long positions, Solana has been the rare exception to buck the trend – with long and short SOL liquidations in the last 24 hours split almost evenly at around $20 million each. .
Edited by Andrew Hayward
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
