Key Takeaways
- Over $250 million worth of long positions were liquidated in the crypto market within a single hour due to a sharp downturn.
- The total liquidations reached $1 billion over the past 24 hours.
The crypto market experienced over $250 million in long position liquidations within a single hour today, as leveraged bets on asset price increases faced sudden margin calls during a sharp downturn.
Bitcoin nearly fell below $100,000, marking its lowest since June 23. Currently trading at $101,247, Bitcoin has decreased about 5% in the past day, bringing its market cap to $2 trillion.
The broader crypto market also declined by 4.5% to $3.4 trillion. Major tokens like Ethereum, XRP, BNB, Solana, and Dogecoin experienced similar downturns. Over $1 billion in futures positions were liquidated in the last 24 hours due to the market pullback.
Source: https://cryptobriefing.com/crypto-market-250m-long-liquidations/