Bitcoin’s Price Dives Below 68,000 Dollars, Triggering Surge in Long Liquidations

Crypto News- In a rollercoaster ride for Bitcoin investors, the cryptocurrency’s value plunged below $68,000 in early trading on Friday, marking a stark reversal from its record-breaking high of over $73,000 just the day prior. The sharp downturn, attributed to heightened price volatility, triggered a surge in liquidations of leveraged Bitcoin positions.

Over the past 24 hours, Bitcoin’s price plummeted by over 8%, trading at $67,016 by 5:40 a.m. ET. This significant correction prompted a wave of liquidations, primarily of long positions, on centralized exchanges. According to CoinGlass data, the cryptocurrency market saw more than $278 million worth of Bitcoin positions liquidated, with the majority stemming from long positions, totaling $225 million.

Bitcoin’s Price Dives Below 68,000 Dollars, Triggering Surge in Long Liquidations

Ether (ETH), the second-largest cryptocurrency, also experienced an 8% decline, dropping to $3,662 by 5:40 a.m. ET. However, amidst the market turbulence, SOL, the native coin of the Solana network, managed to buck the trend, recording a modest 0.5% gain during the same period, as reported by The Block’s Prices Page.

The broader crypto market witnessed a staggering $667 million in liquidated long positions within the past day alone, contributing to a total of $809 million in liquidations across various centralized exchanges.

Liquidations occur when traders’ positions are forcibly closed due to insufficient funds to cover losses, typically resulting from adverse market movements that deplete their initial margin or collateral.