- Volatility in the prices of Bitcoin, Ethereum, and Dogecoin triggered over $290 million worth of crypto liquidations across the market.
- Ethereum led the pack with about $58.9 million worth of liquidations, mostly on long positions, as ETH briefly dipped below $3,500.
- Over $44 million worth of Dogecoin long positions were liquidated as the meme coin briefly fell below $0.13 before recovering.
Swings in the price of Bitcoin and other top coins Monday appear to have triggered a wave of liquidations, mostly on long positions.
Details on Liquidations
Liquidations are common in the volatile crypto markets. Ethereum led the pack with about $589 million worth of liquidations triggered by ETH’s price movement in the last 24 hours. The majority of ETH-related positions liquidated on Monday were longs.
While ETH only fell 2% overall on Monday, the token did briefly fall below $3500. Though that dip was tiny, crossing that line may have triggered a wave of liquidations.
Dogecoin experienced a similarly minor but significant drop today. The world’s top meme coin only briefly fell below $0.013 today before recovering in a matter of minutes. But that dip appears to have triggered a massive wave of long position liquidations for the token. Over $44 million worth of DOGE long positions have been liquidated in the last 12 hours alone.
In the last 24 hours, some $21 million worth of BTC short positions and $1986 million worth of long positions on the coin have been liquidated. Though the price of the world’s top cryptocurrency has ended up at writing almost exactly even from where it stood a day ago, BTC briefly shot up past $67,000 on Monday afternoon in an unfortunate development for those betting on the token’s downward trajectory. BTC now sits at writing at $66,376.
Conclusion
The volatility in the prices of Bitcoin, Ethereum, and Dogecoin today didn’t substantially affect most traders as each of the three cryptocurrencies ended up roughly where they started by Monday evening. But price spikes along the way appear to have triggered a wave of crypto liquidations over $290 million worth across the market.
