With the drop of Bitcoin (BTC) to $64,800, more than $500 million has been wiped out from the cryptocurrency market.
The decline in Bitcoin and the cryptocurrency market has continued since Friday, March 15th.
Waiting for the Bitcoin halving, the anticipated “sell the news” situation was believed to be effective in causing these withdrawals, which led to the liquidation of $525 million worth of futures positions in the last 24 hours.
According to data reported by the on-chain analysis platform Coinglass, liquidation of $525 million worth of futures positions occurred in the last 24 hours. 91% of these liquidations were on long positions. Of the liquidated positions, long positions constituted $443 million, while $81 million was from short positions.
Most of the positions that were liquidated happened in the context of Bitcoin and Ethereum. $129 million in Bitcoin and $92 million in Ethereum positions were liquidated. As for altcoins, Dogecoin (DOGE) and Solana (SOL) led in yesterday’s significant growth.
In terms of exchanges, the largest liquidation occured on Binance with $210 million, followed by OKX with $174 million.
The largest liquidation was a $7 million Ethereum long position opened on OKX. A total of 180,000 investors were affected by the wave of liquidation.
Based on CoinGecko data, Bitcoin, which has experienced a 5.6% drop in the last 24 hours, is currently trading at $64,440.
