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Bitcoin experiences a sudden drop to $90,200, resulting in more than $885 million in liquidations.
Bitcoin’s (BTC) remarkable surge past $100,000 encountered a setback on Dec. 5 as the leading cryptocurrency dropped back into five-figure levels, resulting in a wave of liquidations throughout the market.
BTC relinquished nearly all of the gains it achieved within 24 hours that propelled it to a new all-time peak of $103,679. It dipped to a low of approximately $90,300 for the day before attempting to rebound.
As of the latest update, Bitcoin was trading at $95,500 amidst significant volatility, according to data from CryptoSlate.
Liquidations
Approximately $885.61 million in leveraged positions were liquidated over the past 24 hours, affecting 202,956 traders globally. Bitcoin represented $540 million of the total liquidations, followed by Ethereum (ETH) at $105.53 million.
Other altcoins also faced considerable liquidations, including XRP at $57.07 million, DOGE at $37.54 million, and Solana at $29.28 million. An aggregate of $92 million was liquidated across other cryptocurrencies, underscoring the widespread effect of Bitcoin’s price fluctuations.
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Long traders, who anticipated rising prices, suffered the most, with $640.83 million in liquidated positions — 72.4% of the overall total.
Short positions, which predict price declines, accounted for $244.78 million. The largest individual liquidation occurred on OKX, where an $18.63 million BTC-USDT swap was forcibly closed.
High volatility
Analyzing the data further, $284.43 million was liquidated within a single hour, with $279.50 million attributed to longs. In the last 12 hours, $552.54 million in liquidations were noted, comprising $482.81 million in longs and $69.72 million in shorts.
The four-hour liquidation total reached $428.42 million, indicating increased volatility during Bitcoin’s downturn.
Editor’s Note: The liquidation figures may not be entirely precise due to the extreme volatility at the time of publication.
The post Bitcoin flash crashes to $90,200 causing over $885 million in liquidations appeared first on CryptoSlate.
