- Over $1.76 billion was liquidated from the digital asset space in the past day.
- If BTC breaks above $104K and makes a new ATH, a massive $3.75 billion will be wiped off in BTC shorts.
- If Bitcoin loses $90,000, investors might see $1.64 billion in longs being liquidated.
The crypto market saw $1.76 billion in liquidations during a brutal bloodbath. Bitcoin (BTC), the market’s top digital asset, failed to hold the $100,000 price level and subsequently plummeted below $97,000, with altcoins facing steep losses as well. Data reveals how this event reshaped the market.
Data from Coinglass reveals that nearly $1.36 billion was liquidated in just 12 hours. Long positions accounted for $1.25 billion of this figure, while short positions contributed $115 million. Over the past 24 hours, total liquidations reached a staggering $1.58 billion in longs and $182 million in shorts.
Why $1.76 Billion in Crypto Liquidations Shook the Market
The Bitcoin liquidation map suggests that if Bitcoin recovers and climbs back above $99,000, over $1.28 billion in BTC shorts could be liquidated. A break above $100,000 could trigger an even more substantial liquidation of $2.14 billion in BTC shorts. And if the cryptocurrency manages to surpass $104,000, establishing a new all-time high, a colossal $3.75 billion in BTC shorts could be wiped out.
It is important to note that if Bitcoin loses the $90,000 price level, a whopping $1.64 billion in BTC longs will be eradicated from the digital asset space, which could further push the prices lower.
Altcoins Caught in the Bloodbath
Most altcoins suffered substantial losses during this market crash. SushiSwap (SUSHI) plummeted 15.91% to $2.09, Aevo (AEVO) crashed 21.51% to $0.4622, and Notcoin (NOT) plunged 23% to $0.00741. Similarly, 1INCH nosedived 22.06% to $0.4487, MOODENG crashed 19.01% to $0.3638, and LUNA tumbled 19.79% to $0.5428.
Read also: US ETFs Become the Biggest Bitcoin Holders, Beating Satoshi
Adding to the carnage, IoTeX (IOTX) declined 20.87% to $0.04489, Worldcoin (WLD) dipped 18.19% to $2.96, and Monero (XMR) fell 17.24% to $172.54. The total altcoin market cap also took a hit, dropping to $1.44 trillion from a high of $1.61 trillion. Bitcoin’s market capitalization also slipped below the $2 trillion mark.
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