It came with huge selling, along with liquidations, when Bitcoin-the king of cryptocurrencies-plunged about 3% within four hours on the second day in a row. The result is being witnessed in the falling price of Bitcoin to $91,644.04, washing away about $138 billion of valuation from the market within a few hours.
Combined liquidations over the last 24 hours have reached an eye-watering $520 million, with long positions taking the brunt of this at $450 million and shorts at $66.06 million. In the last 12 hours alone, total liquidation amounts to $420 million. The single biggest loss occurred on Binance, where a BTC/USDT position worth $8.21 million was liquidated.
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This drop follows Bitcoin’s recent gains and reflects a sharp market correction, catching many traders off guard. With nearly 197,007 traders across exchanges liquidated, the turbulence serves as a stark reminder of the crypto market’s notorious volatility, where fortunes can evaporate in the blink of an eye.
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While the market struggles to stabilize, most investors are now stepping back, trying to figure out whether this is just a temporary correction or the start of a greater decline. All eyes, for the time being, rest on the next move of Bitcoin, as the entire market holds its breath.
