The crypto market has recently gone through a massive wave of liquidations. Particularly, the leading crypto asset, Bitcoin ($BTC), has witnessed liquidations of up to $501.64M across long positions just within the past hour. This happened today between 7 to 8 AM UTC. BTC created a long wick down falling below $82k briefly. As per the data from CoinGlass, this shocking development has significantly contributed to the ongoing crypto market crash. Hence, the traders are deeply concerned amid the heightened volatility.
Bitcoin Faces $501M in Liquidations Across Longs, Brings Total Crypto Liquidations to $1.92B
The liquidation of nearly $501.64M from the long $BTC positions denotes a considerable market shift. Apart from that, the overall crypto market is also seeing a wider decline, with cumulative crypto liquidations surging to the $1.92B over the past twenty-four hours. As a result of this, the cumulative crypto market cap has dipped to $2.87T, displaying an 8.50% decrease over 24 hours. This bearish market outlook suggests that the traders are rapidly pulling back amid the surge in volatility, raising the speculation of further downturn in the near term.
$BTC Drops Below $82K, Signalling Potential Turbulence Ahead
According to CoinGlass data, these liquidations point toward the risk-evasion among the crypto traders. Adding to this, the flagship cryptocurrency has also slipped below the $82K mark over the past hour. This highlights a 10% dip in its price over twenty-four hours. Simultaneously, Bitcoin ($BTC) has recorded a 15% drop in 7-day price performance while the monthly price trajectory presents a 23% plunge. Overall, the growing Bitcoin and crypto liquidations indicate the possibility of further turbulence ahead.
