News:
Bitcoin Bloodbath: Price Volatility Leads to $640 Million in Crypto Liquidations
After rallying over 11% in hours and then crashing, Bitcoin experienced a "blow-off top"—leading to a huge cascade of crypto liquidations.
After a stunning morning for the crypto market that saw Bitcoin rocket 11% in a matter of hours before quickly plunging, many traders are no longer smiling, with Wednesday's rollercoaster leading to a colossal $640 million worth of crypto positions liquidations within mere hours.
In the last 12 hours alone, about $309 million worth of crypto short positions—as well as about $333 million worth of long positions—have been liquidated, according to data compiled by CoinGlass. The majority of those liquidations, about $424 million worth, have come within the last four hours alone.
Overall, in the last 24 hours, about $700 million worth of crypto positions have been liquidated. Some $262 million of those came from Bitcoin alone, with Ethereum next up at $109 million.
$BTC
