Crypto Market Sees $462M Liquidations As Bitcoin Falls Below $90,000

The crypto derivatives market recently experienced significant liquidations, totaling over $462 million within 24 hours. This was triggered by a price drop in digital assets, including Bitcoin, which fell below $89,600.

Long positions dominated the liquidations, accounting for $418 million, or over 90% of the total.
BTC led the event with $132 million in liquidations, followed by Ethereum at $116 million.
Zcash (ZEC) also saw substantial liquidations amounting to $24 million, surpassing typically higher-volume tokens like XRP and Solana.

The increase in Open Interest suggests that traders are cautiously re-entering the market after previous bearish trends forced them to reduce risks significantly.

Currently, Bitcoin is trading around $89,500, marking a 2% decrease from the previous day.