- Crypto prices plummeted after a US report showed inflation has not fully subsided, triggering over $800 million in liquidations. Bitcoin dropped 8% from its high of $74,000, while Ethereum fell 8% to $3701.
- Over $200 million in Bitcoin long positions were liquidated, along with $70 million in shorts. Ethereum saw over $100 million in long liquidations and $30 million in shorts.
- Other coins like Solana and Dogecoin were also impacted, with over $40 million and $18 million in liquidations respectively. Solana was unique in having almost equal long and short liquidations.
It’s another bloodbath for traders betting on crypto prices, with Bitcoin and Ethereum positions leading the latest round of liquidations.
CRYPTO PRICES PLUMMET, TRIGGERING MASSIVE LIQUIDATIONS
Early Thursday morning Bitcoin nearly touched $74,000, notching yet another all-time high for the red-hot cryptocurrency. Then a report from the US Labor Department revealed that inflation has yet to fully subside, sending Bitcoin on a downward spiral that it has yet to fully recover from.
BTC dropped as low as $65,848 on Friday morning, it has since recovered to $67,860 at writing, an 8% drop from Thursday’s highs.
That dip was clearly unanticipated by many traders who, amid BTC’s spectacular record-breaking rally of the last couple weeks, bet hundreds of millions of dollars on the coin continuing to go up in price.
OVER $200 MILLION IN BTC LONGS LIQUIDATED
Over $200 million dollars’ worth of BTC long positions have been liquidated in the last 24 hours alone, according to data from CoinGlass. Over $70 million short positions of the world’s top cryptocurrency have also been liquidated in the same period.
While Bitcoin-related liquidations constituted over a third of all such transactions in the crypto market, many other coins have felt the heat in the last day following similar trends.
ETH AND OTHER ALTS ALSO HIT HARD
Ethereum plummeted about 8% off yesterday’s dim inflation news to $3701 at writing. In a trend parallel to that of BTC, more than $100 million worth of ETH long positions were liquidated in the aftermath, along with over $30 million worth of short positions on the token.
The other tokens most bloodied by yesterday’s sudden price dip include Solana and Dogecoin, which saw over $40 million and $18 million worth of liquidations respectively.
Though the vast majority of cryptocurrencies saw most of their liquidations come from long positions, Solana was the rare exception to buck that trend, with SOL long and short liquidations in the last 24 hours almost equally split at roughly $20 million each.
