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Cryptocurrency liquidation reached $ 1.13 billion yesterday due to severe market turmoil.This was due to huge fluctuations in the bitcoin price BTCUSD, highlighting the volatility of the cryptocurrency sector.
Bitcoin falls 14% after reaching ATH
On Tuesday, Bitcoin, the largest cryptocurrency asset, reached its highest level (ATH) since November 2021. The price of BTC briefly touched the $69,000 level. This peak came after a long 847-day wait, demonstrating the market's bullish momentum. However, the uptrend did not last long.
Then, a wave of selling pressure emerged on cryptocurrency exchanges. This pressure dramatically altered bitcoin's gains, causing its price to fall below $60,000 at one point.
Initially, the price of BTC rose to $69,208 on some exchanges. It then fell sharply, dropping more than $1,000 in a minute. The fall didn't end there. The price collapsed, hitting a low of $59,300. As of this writing, BTC has partially recovered and is back around $66,000.
Moreover, other major cryptocurrencies have shown a variety of reactions. Solana SOLUSD and Ethereum (ETH ) reported declines of 5.92% and about 4%, respectively. In contrast, memecoins such as Dogecoin DOGEUSD and Shiba Inu SHIBUSD have declined by more than 20% in the past 24 hours.
Cryptocurrency liquidation has exceeded $1.13 billion
This sharp price action has led to significant cryptocurrency liquidations. Derivatives trading positions worth over $1.13 billion have been removed from all digital assets. Coinglass data showed that $879.68 million In addition, $254.80 million were short positions. In total, these upheavals resulted in the liquidation of 308,465 traders.
Cryptocurrency liquidations are a key and abrupt moment in the market. They occur when exchanges close leveraged (leveraged) positions because trader margins fall below the required minimum.
Such events can increase market volatility and exacerbate price declines. Tuesday's liquidation volume underscores the high-risk nature of cryptocurrency trading. It exceeded US$1 billion in August last year.
Experienced traders have compared Tuesday's events to some of the market's worst declines. These moments are a reminder of the risks and volatility associated with cryptocurrency trading.
"I think the worst day I ever had in cryptocurrency was March 2020. That was the day of liquidation. When Bitmex had to be shut down to prevent BTC from dropping to 0 when the liquidation engines were overwhelmed. Everything dropped 70%+ in one day," said cryptocurrency trader Pentoshi.
As a result, investors and traders are advised to be cautious, especially with leverage positions.
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