Following Bitcoin’s plunge below the $68,000 mark, cryptocurrency long contracts worth over $668 million have been squeezed, adding to the market volatility.
Bitcoin Takes a 7% Hit in 24 Hours
After reaching a new all-time high near $74,000, Bitcoin’s price sharply reversed course within a day, as shown in the chart below.
The recent drop in Bitcoin's value | Source: BTCUSD on TradingView
Despite a brief recovery around $72,400, Bitcoin continued its downward trend, falling below $67,000 before bouncing back to $67,600, marking a 7% decline in the last 24 hours. This dip also affected Ethereum (ETH) and other altcoins.
With significant price swings, the crypto derivative market witnessed approximately $813 million in liquidations in the past day, with long contracts accounting for $663 million of the total.
Long Squeeze Hits the Crypto Market
Massive liquidations, often termed as “squeezes,” occurred primarily on long contracts, intensifying the market downturn.
Summary of recent liquidations | Source: CoinGlass
Bitcoin and Ethereum led the liquidations, with Solana (SOL) standing out as the altcoin with the highest liquidation amount at $41 million. Despite the market challenges, SOL has shown resilience, making it one of the top performers in the last 24 hours and the past week.
For more insights, refer to the breakdown of liquidations across different symbols in the table below.
Breakdown of liquidations among different symbols | Source: CoinGlass
Amidst the market turmoil, Solana’s resilience continues to attract attention, positioning it as a strong contender in the current market dynamics.
Stay tuned for further updates on the crypto market as it navigates through these turbulent times.
Featured image from Shutterstock.com, CoinGlass.com, chart from TradingView.com
