Bitcoin’s (BTC) 3% Drop Below $65K Leads to $461 Million in Liquidations Across Crypto Market

• The recent decline of Bitcoin (BTC) below $65,000 has resulted in significant losses across the cryptocurrency market.
• This downturn has triggered the liquidation of hundreds of millions of dollars worth of futures positions.
• Coinglass data reveals that 177,000 crypto investors have been affected by these liquidations, totaling $461 million in value.

Catch up on the latest Bitcoin crash and its impact on the broader crypto market.

Bitcoin Dips Below $65,000, Triggers Massive Liquidations

Within the last 24 hours, Bitcoin’s price has plummeted from $66,500 to $64,500, leading to a major shake-up in the market. Traders witnessed a significant amount of long positions being liquidated, causing widespread financial tremors. According to Coinglass, the total value of liquidated positions has reached $461 million, impacting over 177,000 investors.

Impact on Futures Markets

Data indicates that approximately 86.94% of the liquidated positions were long. The largest single liquidation occurred on Binance, amounting to $6.44 million in Ethereum long positions. Overall, Bitcoin accounted for $70 million in liquidations, while Ethereum contributed $91 million. The analysis of all cryptocurrencies shows that $400 million worth of long positions and $61 million in short positions were liquidated within this period.

Major Exchanges Hit Hard

Binance, the largest cryptocurrency exchange by trading volume, witnessed the lion’s share of these liquidations, with positions worth $173 million being wiped out. OKX followed with $136 million in liquidations, making these exchanges the most impacted by the recent market turmoil.

Altcoins Experience Severe Declines

Bitcoin’s 3% drop has had a domino effect on altcoin markets. Ethereum experienced a 5% decline, BNB fell by 4.6%, Solana plummeted by 10%, Ripple descended by 7.3%, and Cardano dropped by 9.9%. These downturns have collectively reduced the overall cryptocurrency market capitalization to $2.48 trillion.

Conclusion

The recent volatility underscores the highly speculative nature of the cryptocurrency market, especially in futures trading. Investors should be aware of the risks involved and exercise caution. The market’s rapid movements have significant ramifications, affecting both long-term holders and short-term traders. As always, staying updated on market trends and developments is crucial for navigating this complex landscape.