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$864.24 Million Liquidated as Bitcoin, Cryptos Dip

1 min
Updated by Bary Rahma
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In Brief

  • The crypto market experienced a drastic downturn, resulting in $864.24 million in liquidations.
  • Bitcoin led the decline, dropping to its lowest price since April 5, with altcoins facing larger drops.
  • The market shift contrasts with the positive trend anticipated from the Bitcoin halving event.
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In a stunning reversal of fortune, the crypto market saw a significant downturn, culminating in a whopping $864.24 million worth of liquidations.

$864.24 Million in Crypto Liquidations

Bitcoin led the correction, falling 7% to a weekly low of $65,214. This downturn marks its lowest valuation since April 5.

The ripple effects resonated across the board. Even smaller cryptocurrencies like Solana and Dogecoin experienced steeper declines of around 18% and 19%, respectively.

Bitcoin, Solana, Dogecoin Price Performance
Bitcoin, Solana, Dogecoin Price Performance. Source: TradingView

The downturn primarily stems from the liquidations of bullish bets on crypto.

In the past 24 hours alone, data from Coinglass indicates that approximately $775.40 million was cleared from long positions in derivatives markets. Short positions were not spared either, with around $89.89 million being liquidated.

Total Crypto Liquidations
Total Crypto Liquidations. Source: Coinglass

This sudden market shift contrasts sharply with the recent uptrend fueled partly by anticipation surrounding the Bitcoin halving event—a key update in the cryptocurrency’s code meant to decrease its supply.

Despite the current crypto liquidations, Bitcoin remains substantially higher for the year, boasting an approximate 60% increase.

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Bary Rahma
Bary Rahman, a talented journalist, graduated from New York University with a degree in Journalism. Skilled in SEO, she has worked with CNN, showcasing her investigative skills and storytelling abilities. In addition to her journalistic accomplishments, Bary has contributed her expertise as a content writer for Binance, crafting insightful articles on the dynamic crypto industry. Her unique fusion of journalism and SEO makes her a versatile and highly respected figure in the industry.