In A Nutshell:
Bitcoin (BTC) long liquidations have surged following a price drop below $63,000. Over $47.9 million in Bitcoin long positions were liquidated across centralized exchanges in the past 24 hours, out of a total of $49 million in liquidated BTC positions. The broader cryptocurrency market saw over $161 million in liquidations, with $153 million from long positions. Ether (ETH) also faced significant liquidations, with over $29.1 million liquidated. Bitcoin is currently trading at a monthly low of $62,270, down over 3.2% in the past 24 hours. The global cryptocurrency market cap has decreased by 3.5%, now standing at $2.38 trillion.Bitcoin (BTC) long liquidations have surged since yesterday as the cryptocurrency's price fell below the $63,000 threshold.
In the past 24 hours, more than $47.9 million in Bitcoin long positions were liquidated across centralized exchanges, accounting for the majority of the $49 million total liquidated BTC positions, according to Coinglass. The broader cryptocurrency market experienced over $161 million in liquidations, with approximately $153 million from long positions.
Ether (ETH), the second-largest cryptocurrency, also saw significant liquidations, with over $29.1 million liquidated, $28.5 million of which were long positions.
Liquidations occur when a trader’s position is automatically closed due to insufficient funds to maintain it, usually caused by market fluctuations that diminish their initial margin or collateral.
Bitcoin, the largest digital asset by market cap, is currently trading at a monthly low of $62,270, down over 3.2% in the past 24 hours, according to Bitcoins Codes' price page. This price is 15% below the all-time high of $73,740 reached on March 14.
Major altcoins have also experienced notable declines since yesterday. Ether dropped 4% to $3,371, while SOL fell 7% to $125.
The GMCI 30 Index, representing a selection of the top 30 cryptocurrencies, decreased 4% to 124.9 in the same period.
Bitcoin’s market dominance stands at 51.5%, while Ether’s dominance is at 17.3%, according to Coingecko. The global cryptocurrency market cap has dropped by around 3.5% in the past day, now at $2.38 trillion.
