Bitcoin's value dipped below the significant threshold of $100,000, causing a surge in cryptocurrency liquidations that have reached levels last seen in 2021. This market movement has notably affected a large number of traders.
In total, long liquidations amounted to $702 million, suggesting that the majority of traders were betting on the market going upwards. In contrast, short liquidations, where traders were anticipating declines, totaled $173 million.
Overall, the massive liquidations impacted more than 157,000 traders, highlighting the volatile nature of the cryptocurrency markets and the associated risks.