- Bitcoin declined 5.35%, slipping below $80K, leading to $718M in liquidations across the crypto market in 24 hours.
- Long positions accounted for $617M of total liquidations, showing traders were betting on continued price increases.
- Bybit led liquidations with $238.65M in long positions, followed by Binance at $130.75M and OKX at $54.64M.
Bitcoin has plunged below the $80,000 spot, recording a 24-hour decline of 5.35%. The leading digital asset is now exchanging at $79,967, keeping a sharp downturn after recent highs. This action has prompted notable liquidations across the market, affecting traders with leveraged positions.
$718 Million Liquidated in 24 Hours
In just one day timeframe, the total liquidations across the crypto market achieved $718 million. Long positions accounted for a influential portion, with $617 million liquidated as BTC’s price fell. This indicates that many traders had bet on continued upward momentum, only to face sudden losses.
A deeper liquidation analysis by Coinglass indicates that at the time of press, Bitcoin’s price stood at $79,444.5. Long liquidations totaled $525.004 million, while short liquidations reached $39.98 million. Bybit recorded the highest long liquidations at $238.654 million, while Binance followed with $130.754 million.
OKX saw $54.64 million in long liquidations, while Bitfinex registered $765.74K. Short liquidations remained significantly lower across exchanges, with Bybit leading at $10.18 million. The market displayed increased volatility as liquidations surged.
Separately, a post by Watcher Guru on X noted that the overall cryptocurrency market as seen liquidations. According to the post, the cryptocurrency market recorded $215 million in liquidations within the past 60 minutes.
Market Reacts to BTC’s Price Decline
The dip below $80,000 follows a period of positive routine for Bitcoin. However, the latest downturn has contributed to a volatile trading environment. With leveraged positions getting liquidated, market sentiment appears to be shifting as traders reassess their strategies.
Despite the sudden drop, Bitcoin continues to trade within a range that reflects strong activity. Traders closely monitor price movements as liquidations add further pressure to the market.
This development follows BTC’s recent price movements, contributing to increased volatility. The liquidations include both long and short positions, with leveraged traders encountering margin calls.
