Combined with the shorts, the total settlements for the day were $915 million
Bitcoin liquidated $200 million of long positions on Nov. 8 as the price of BTC briefly fell to two-year lows.
BTC price falls to a two-year low
Data from Cointelegraph Markets Pro and TradingView showed red numbers on cryptocurrency price charts
The BTC/USD pair lost $3,000 in less than two hours, seeing a flash crash that set a low of $16,000
The last time the pair traded at that level was at the end of November 2020, which means that bitcoin managed to break above the previous macro low of $17,600 set in June this year.
Binance order book data showed the sudden cascade to the downside piercing the solid buy support at $18,000.
At the daily close on November 8, a zone of interest for trading volume was around $18,400
Figures from on-chain monitoring resource Coinglass, meanwhile, recorded major pain for long-term investors, who were caught at the wrong time.
BTC long liquidations on exchanges totaled $214 million on Nov. 8, while cryptocurrency longs were liquidated worth $670 million.
Combined with the shorts, the total liquidations for the day were $915 million.
Big weeks ahead
Analyzing the situation, popular cryptocurrency commentators were cautious about putting an end to the price turmoil.
