The wild volatility in the Bitcoin futures market appears to have contributed to the drop in BTC prices over the past 12 hours. The timing of the long liquidations coincided with a sharp drop in the pioneer cryptocurrency’s price.
Data from Coinglass shows that over $7.16 million in BTC long positions were liquidated over the past 12 hours. Total liquidations across the crypto market were $41 million, of which $23.3 million were long liquidations.
Typically, long liquidations occur when the price of a traded asset suddenly drops. This is because traders who are bullish on the asset and open long positions face losses as the market moves against them. #BTC☀
