Crypto Liquidations Cross $1 Billion As Bitcoin Crashes To $51,000
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The cryptocurrency derivatives market experienced over $1 billion in liquidations as Bitcoin fell to $52,000. Bitcoin dropped more than 15% in the past 24 hours, reaching $51,500. This continues a trend since late July, when Bitcoin was around $70,000. Altcoins such as Ethereum, BNB, and Solana also saw significant declines of 23%, 19%, and 21%, respectively.
Around 85% of these liquidations involved long positions. Bitcoin and Ethereum contributed $367 million and $350 million, respectively, to the mass liquidations. Despite long position losses, there were still $173 million in short liquidations.
The recent Ethereum spot ETFs have drawn attention to ETH, leading to its high liquidation figure. Meanwhile, Bitcoin's value returned to levels seen before its late February rally to a new all-time high.
Source: www.newsbtc.com ↗
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