Bitcoin Explosion: Cryptocurrency Price Plunges Causes $800 Million Liquidation

BitcoinThe token’s plunge on Thursday appeared to have gone unnoticed by traders, as the token’s plunge led to the specific liquidation of nearly $300 million worth of BTC in 24 hours, and more than $800 million in 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 U.S. Department of Labor found that inflation had not yet fully subsided. downward spiral It means it hasn’t fully recovered yet.

BTC fell to $65,848 on Friday morning. has since recovered $67,860 At the time of writing, it is down 8% from Thursday’s high.

This decline was unexpected by many traders amidst BTC’s incredible rally. record gathering Over the past few weeks—hundreds of millions of dollars have been bet on coin prices continuing to rise.

According to data, $200 million worth of long BTC positions were liquidated in the last 24 hours alone. Coin Glass. Over the same period, more than $70 million worth of short positions in the world’s leading cryptocurrency were also liquidated.

Bitcoin-related liquidations accounted for more than a third of all transactions in the cryptocurrency market, but following similar trends, many other coins also felt the heat in the final days.

Ethereum Yesterday’s faint inflation news sent it down about 8%. $3,701 When writing. In a similar trend to BTC, over $100 million in ETH long positions were liquidated, while over $30 million in token short positions were liquidated.

Other tokens that suffered the most from yesterday’s sudden price drop include: Solana and DogecoinThere were liquidations worth more than $40 million and $18 million, respectively.

While the vast majority of cryptocurrency liquidations occur on long positions, Solana is a rare exception that bucks this trend. SOL liquidations over the past 24 hours were almost evenly split, at about $20 million each.

Editor: Andrew Hayward