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Bitcoin experiences another sudden decline, resulting in $1.52 billion in cryptocurrency liquidations.
The cryptocurrency market faced a wave of liquidations in the last 24 hours, amounting to $1.52 billion, as Bitcoin (BTC) experienced yet another sudden drop.
Data from Coinglass indicates that long positions constituted the majority of the liquidations, with $1.39 billion liquidated across the market, while short positions accounted for $137 million of the total.
This represents the second consecutive week of significant market fluctuations, with altcoins suffering the most. Over $759 million in liquidations occurred within the last hour alone, underscoring the rapid and extensive nature of the sell-off.
Significant volatility
According to CryptoSlate data, Bitcoin’s price plummeted to an intraday low of $94,129 before partially rebounding to approximately $97,000 at the time of reporting.
The abrupt decline led to liquidations of $83.99 million in Bitcoin positions within the past four hours, predominantly affecting long traders. The liquidation of leveraged positions further intensified downward pressure, worsening losses throughout the wider market.
Ethereum (ETH) was particularly impacted among altcoins, with $134.50 million liquidated in just the last four hours. The asset’s price dropped to $3,510, reflecting a significant decline from its recent peaks, before recovering to the $3,700 mark as of the latest update.
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Dogecoin (DOGE) also experienced considerable liquidations, with $51.55 million erased as the meme coin struggled to maintain critical support levels, falling to an intraday low of $0.38 before bouncing back to $0.422 at the time of reporting.
The leading altcoin losers included Solana (SOL), which saw $33.61 million in liquidations, and XRP, which recorded $33.78 million in liquidated positions. Both coins dropped to $203 and $2.01, respectively, before buyers intervened, pushing them back to $220 and $2.26 as of the latest update.
Cardano (ADA) also encountered significant pressure, dipping below important psychological levels to $0.91. As of the latest update, it remains around the $1 mark.
Excessively leveraged positions
The swift sell-off was driven by a mix of excessively leveraged positions, negative sentiment, and cascading stop-loss orders.
Binance represented the largest portion of liquidations, with a total of $417.65 million in liquidations over the past four hours. OKX followed with $224.76 million, while Bybit recorded $207.16 million in liquidated positions.
The most notable single liquidation event occurred on Binance’s ETHUSDT trading pair, amounting to $19.69 million.
Despite the substantial liquidations and heightened volatility, the crypto Fear and Greed Index remains in Extreme Greed territory at 78.
The post Bitcoin sees another flash crash, leading to $1.52 billion cascade in crypto liquidations appeared first on CryptoSlate.
