The price of Bitcoin experienced a sharp drop to $29,000 on major exchanges, leading to a surge in liquidations, which reached a total of $150 million in the past 24 hours. Out of the total liquidation positions, $124 million were long positions. The intense volatility resulted in over 50,000 traders being liquidated within the same period.

The decline in Bitcoin’s price pushed it below the $30,000 mark, and the overall value of the crypto market dipped by 2%, amounting to just over $1.2 trillion. On popular exchanges such as Bitstamp and Coinbase, Bitcoin reached lows of $28,978 and $28,973, respectively. Data revealed that the total amount of crypto liquidations in the past 24 hours went over $150 million.

According to Coinglass, liquidations within a 24-hour period doubled compared to the previous day. A total of 203% rise in liquidated positions was recorded, with longs accounting for the majority, totaling more than $124 million. Shorts made up approximately $26 million, indicating that most of the 50,364 traders who were liquidated were longs. Among the liquidations, the largest order was worth $2.57 million on the OKX crypto exchange.

In addition to Bitcoin, other altcoins also experienced further declines. Ethereum dropped to $1,830, and XRP fell to $0.69 as its market cap decreased, allowing BNB to claim the fourth spot among large-cap cryptocurrencies. However, Dogecoin saw a rise of over 6% due to Elon Musk’s recent changes to the Twitter platform. Short liquidations on DOGE traders amounted to $1.19 million.

FAQs

What caused Bitcoin to dip to $29,000?

The dip in Bitcoin’s price to $29,000 was a result of heightened volatility and a surge in liquidations. The overall market weakness ahead of the next FOMC meeting also contributed to the decline.

How much were the total liquidations in the past 24 hours?

The total liquidations in the past 24 hours reached $150 million. Long positions accounted for $124 million, while shorts made up approximately $26 million.

Which altcoins experienced declines?

Alongside Bitcoin, Ethereum and XRP also experienced declines. Ethereum dropped to $1,830, and XRP fell to $0.69.

Why did Dogecoin rise amid the market drop?

Dogecoin rose by more than 6% due to Elon Musk’s latest changes to the Twitter platform, which sparked positive sentiment in the cryptocurrency.

Where was the largest liquidation order recorded?

The largest liquidation order, worth $2.57 million, was recorded on the OKX crypto exchange.

Summary

The price of Bitcoin tumbled to $29,000, leading to a surge in liquidations totaling $150 million within a 24-hour period. The majority of the liquidated positions were longs, amounting to $124 million. Bitcoin’s decline below $30,000 also caused a 2% dip in the overall crypto market value to just over $1.2 trillion. Additionally, other altcoins such as Ethereum and XRP experienced declines, while Dogecoin managed to rise by over 6% amidst positive sentiment generated by Elon Musk’s Twitter changes.