Bitcoin Long Liquidations Spike to Over $30 Million as Price Correction Hits Market
Bitcoin Long Liquidations Spike to Over $30 Million as Price Correction Hits
Bitcoin long liquidations have surged to more than $30 million in the past 24 hours following a price correction that saw the leading digital asset struggle to maintain its position above the $62,000 mark.
Analysts point out that the increase in volatility is in line with historical patterns. They note that after each previous halving, with one exception, Bitcoin’s price has experienced drawdowns ranging from 5% to 15% before starting a sustained upward trend.
In the last day, there were a total of $40 million in liquidated Bitcoin positions, with the wider cryptocurrency market experiencing over $145 million in liquidations. Of these combined liquidations, around $121 million were long positions, according to data from Coinglass.
At the time of writing, Bitcoin is trading at around $62,300, down over 3% in the past 24 hours. Ether’s price has also dipped over 3% to $3,007 in the same period.
According to The Block’s price page, Bitcoin’s post-halving price performance has historically been choppy, with a “sell-the-news” event in the immediate term. Glassnode analysts mentioned that the recent halving event saw Bitcoin’s price drop by over 11% before recovering to trade flat since the halving date.
The Glassnode report highlighted that the 60 days after halving events tend to be sideways with a slight downward drift of between -5% and -15%. Bitcoin dominance slightly increased to 50.9%, while Ether dominance fell to 15%, according to Coingecko data. The global cryptocurrency market cap decreased by 2.3% to $2.41 trillion.
The GM 30 Index, representing the top 30 cryptocurrencies, fell 2.98% to 128.48 in the same period.
Disclaimer: The Block is an independent media outlet providing news, research, and data. Foresight Ventures is a majority investor of The Block, with investments in other crypto companies. The Block remains independent to deliver objective information about the crypto industry.
