#Bitcoin❗ Plummets to $62K, $310M in Long Positions Liquidated
On August 1, $BTC experienced a sharp drop, declining from $64,000 to $62,800. This sudden downturn resulted in the liquidation of long positions worth $310.27 million in a 24-hour period that saw a total of $337 million wiped out, according to #Coinglass
In the past 24 hours, over $77.07 million worth of long bitcoin positions were liquidated, with $26.6 million of that occurring in just the last four hours. The largest single liquidation involved an ETH-USDT swap worth $4 million on the OKX crypto exchange.
Market analys DW noted that despite the significant drop, the situation was not “extreme.” DW pointed out the current low liquidity in the market, a condition that amplifies the effects of selling. DW mentioned ongoing concerns, including the unresolved Mt. Gox issue and the seasonal low liquidity post-Bitcoin 2024 conference, which could magnify any selling activity.
