Bitcoin price drops below $87k, causing $200m loss in one hour
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The price of Bitcoin fell below $87,000, causing a massive market crash. About $200 million in long positions was released in one hour.
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Bitcoin prices suddenly dropped below $87,000 on Monday, according to data from CoinGecko and Coinglass.
Long liquidations occur when exchanges automatically close out long positions, prompting traders to sell their assets after the exchange rate falls below certain thresholds.
The comeback in Bitcoin has sent shockwaves through the crypto market. Ethereum, BNB, and Solana each lost about 4% in the last hour, while XRP fell about 3%.
