Bitcoin_s Plunge Sparks Massive Liquidation of Long Positions

In the highly volatile realm of cryptocurrency trading, an astonishing $110 million worth of long positions have been liquidated within a mere 24 hours. Bitcoin and Binance have emerged as the primary contributors to this sweeping wave of liquidation.

This dramatic surge of liquidation follows a tumultuous rollercoaster ride in crypto prices. Bitcoin’s value soared its highest point in 18 months, only to abruptly plummet back to the $34.5K range within a single day.

Massive Liquidation of Longs

While writing this report, over $110 million worth of longs in crypto was liquidated in the 24-hour duration.

Coinglass data also indicates that in the same 24-hour period, about $22 million worth of shorts was liquidated. Coinglass outrightly states that;

“In the past 24 hours, 51,553 traders were liquidated, the total liquidations coming in at $132.91 million.”

Bitcoin, of course, represented the largest share of the liquidations, with over $38.85 million worth of longs liquidated in the period. There was a massive liquidation of Ethereum and Solana longs, hitting highs of $21.78 million and $10.7 million, respectively.

As per reports, the most significant single liquidation in the period was in the Bitmex exchange XBTUSD pair, where $2 million was liquidated.

Major crypto exchanges like Binance, OKX, Huobi, Bitmex, and Bybit seemingly led with $67.79 million, $43.15 million, $12 million, $4 million, and $3.83 million in liquidations, respectively.

Crypto Price Rollercoaster

The ongoing price rollercoaster of crypto tokens fuels the recent liquidation spree in crypto markets. Bitcoin has been through crests and troughs for about a fortnight, peaking at $36K, the price last recorded in May 2022.

On November 1, the price of BTC was merely at a low of $34.25K and moved fast to hit $36K on November 2. However, barely 24 hours after the peak, Bitcoin is back at $34.5K.

This sudden surge and a 4% plunge is the primary reason for the ongoing liquidation of longs. When writing this report, Bitcoin still drops hints of more declines, losing about 2.34% in the past 24 hours.

Ethereum’s demeanor, too, indicates signs of possible continuing price plunges, having lost over 2.1% of its price in the past 24 hours.

In almost the same tone, Cardano and MASK, which have seen massive liquidations in shorts, have recorded positive price actions, gaining 4% and 16%, respectively, in the past 24 hours.