Selling pressure, which dominated the cryptocurrency market throughout the day, caused Bitcoin to plummet again in the evening. The price fell below $93,000 for the first time in a long time, dropping to $92,602.
In the last 24 hours, a total of $689.8 million worth of positions were liquidated, $348.7 million of which were long and $341 million were short positions.
The market decline was driven by a pullback in US stocks and a weakening likelihood of a Fed interest rate cut in December. This decline in risk appetite also negatively impacted the crypto market.
With the recent decline, leveraged positions suffered huge losses:
- Total liquidation in 1 hour: $66.2 million
- Total 4-hour liquidation: $360.9 million
- 12-hour total liquidation: $439.1 million
- Total 24-hour liquidation: $689.8 million
Especially in the last 4 hours, it can be seen that both long and short positions were crushed together.
The decline rates in altcoins in the last hour were as follows:
- Ethereum (ETH) – 1.91%
- XRP (XRP) – 2.23%
- BNB (BNB) – 0.81%
- Solana (SOL) – 2.18%
- Tron (TRX) – 0.51%
- Dogecoin (DOGE) – 2.43%
- Cardano (ADA) – 2.17%
*This is not investment advice.