Crypto Liquidations Exceed $1B
The crypto market has seen over $1 billion in liquidations within the last 24 hours, as Bitcoin briefly dropped below $100,000 after reaching close to its record high.
According to CoinGlass, approximately 406,000 traders have been affected by these liquidations, resulting in a total of $921 million in long liquidations and $260 million in short liquidations.
Ether, the second-largest cryptocurrency, experienced the most liquidations at over $207.5 million, followed by Bitcoin at over $202 million.
Bitcoin’s price dropped by more than 6%, falling from a daily high of $106,300 to around $99,700 on January 19.
This decline was similar to a market crash that occurred on January 7, when Bitcoin also experienced a drop of about 6% within hours and continued to decline over the course of a week, hitting a low of just above $90,000 on January 13.
This recent drop in Bitcoin’s price has led to speculations about a potential market downturn, with traders like “Bluntz” noting multiple indicators that point to a potential peak in the market.
