Data shows over $668 million in cryptocurrency long contracts have been squeezed following Bitcoin’s crash under the $68,000 level.
Bitcoin Has Registered A Drop Of 7% In The Last 24 Hours
Right after setting a fresh all-time high (ATH) not too far from the $74,000 level, the Bitcoin price has reversed its trajectory sharply during the past day.
The below chart shows how the digital asset has performed recently.
As is visible in the graph, Bitcoin quickly recovered back towards the $72,400 mark midway through the crash, but the retrace was only temporary, as the coin soon resumed its drawdown and dived under the $67,000 level.
Since this low, BTC has made a slight recovery back to $67,600, meaning that it has experienced a decline of almost 7% in the last 24 hours. As is often the case, Ethereum (ETH) and the altcoins have also followed in the lead of the original cryptocurrency, witnessing crashes of their own.
With all this sharp price action around the market, forceful closure of contracts, or ‘liquidations,’ are bound to have piled up on the derivative side of the sector. Indeed, data confirms this.
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