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Bitcoin’s (BTC) value briefly surpassed $31,000 earlier today before experiencing a sharp decline below $30,000 in a sell-off that resulted in losses for traders with market positions.
As per Coinglass data, this abrupt price fluctuation erased over $176 million from traders holding various digital assets within the last 24 hours.
Over $170 million liquidated
The cryptocurrency market experienced $176.26 million in liquidations over the past day, affecting more than 56,000 traders due to market volatility.
Coinglass data indicated that short traders incurred losses of $92.78 million, with Bitcoin and Ethereum contributing over $46.22 million to these losses.
Source: Coinglass
Conversely, long traders faced $83.48 million in liquidations, with the leading two digital assets responsible for more than $35.54 million of these losses.
Bitcoin Cash (BCH), which has seen a rise in value since its listing on EDX Markets on June 20, experienced nearly $20 million in liquidations among long and short traders, while Litecoin saw over $10 million liquidated.
Additionally, other cryptocurrencies such as Dogecoin, BNB, Chainlink, XRP, and Solana also reported notable liquidations.
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Source: Coinglass
Across various exchanges, the majority of liquidations took place on OKX, Binance, and ByBit. These three platforms accounted for over 80% of the total liquidations, with 55% being long positions.
The largest liquidation occurred on ByBit– BTCUSD, amounting to $4.57 million.
Sudden crash
According to data from CryptoSlate, BTC abruptly dropped by 3.53% on the 1-hour candle to $29,946 at the time of this report. This sudden downturn coincided with a Wall Street Journal article highlighting deficiencies in the spot Bitcoin ETF applications recently submitted by BlackRock and Fidelity.
Source: Tradingview
This sudden price shift contrasts with the flagship digital asset’s positive trajectory over the past month, during which it increased by 15% and reached a peak of over $31,000.
Throughout this period, the cryptocurrency sector experienced a surge of institutional interest sparked by BlackRock’s Bitcoin Spot ETF application on June 15. Following this, several traditional financial institutions, including Fidelity and others, have also submitted applications.
The post Bitcoin’s sudden plunge below $30k triggers $176 million in liquidations appeared first on CryptoSlate.
