Bitcoin experienced a dramatic price spike, reaching almost $68,000 on Tuesday. This unexpected surge led to a significant number of cryptocurrency liquidations, totaling $285 million. The initial price increase particularly impacted short positions, causing them considerable losses.
However, the subsequent drop in Bitcoin's price is now affecting long positions, as investors navigate the volatile crypto market. This scenario demonstrates the unpredictability and rapid fluctuations associated with trading Bitcoin and cryptocurrencies in general.
