Bitcoin Drops Below $115,000 as $804 Million in Crypto Liquidations Occur
Recent data reveals over $700 million in long liquidations within the cryptocurrency derivatives market due to a sharp decline in prices of Bitcoin and altcoins.
Bitcoin Price Update
- Bitcoin (BTC) briefly dropped below $115,000, reaching low $114,000 before recovering slightly above this level.
- Previously, BTC also approached $115,000 but quickly rebounded to around $118,000.
- Altcoins, including Solana (SOL) and Hyperliquid (HYPE), experienced losses exceeding 5%.
Market Liquidations Overview
- Total liquidations in the past day reached $804 million, with $741 million (92%) from long positions.
- Ethereum (ETH) led liquidations at $250 million, followed by Bitcoin at $200 million.
- Steeper declines in ETH's price and heightened speculative interest contributed to its leading position in liquidations.
- Indicators suggested a volatile event was imminent, with rising Bitcoin Open Interest noted prior to the liquidations.
- Despite recent liquidations, speculators are increasing their positions, particularly on ByBit.
