Bitcoin’s Plunge Sparks Massive Liquidation of Long Positions

In the highly volatile realm of cryptocurrency trading, $110 million worth of long positions were liquidated in 24 hours. Bitcoin and Binance have been major contributors to this high liquidity wave.

This dramatic liquidity crunch follows a rollercoaster ride in crypto prices. Bitcoin price has hit its highest point in 18 months.

Long's giant liquid

At the time of writing this report, over $110 million worth of longs in crypto have been deleted in a 24-hour period.

According to Congressional data, an estimated $22 million worth of shorts were snapped up in the same 24-hour period. Coinglass rightly says;

“In the last 24 hours, 51,553 traders have exited the competition, with total liquidity reaching $132.91 million.”

In fact, Bitcoin represented the largest share of liquidity at the time, with over $38.85 million worth of long-term liquidity. Ethereum and Solana Longs were highly liquid, hitting a high of $21.78 million and a high of $10.7 million.

According to reports, the most important single liquidation at the time was in the XBTUSD pair of the Bitmex exchange, where $2 million was poured.

Major crypto exchanges such as Binance, OKX, Huobi, Bitmex, and Bybit were seen with $67.79 million, $43.15 million, $12 million, $4 million, and $3.83 million in liquidity terms.

The Crypto Price Rollercoaster

The ongoing price rollercoaster of crypto tokens will soon fuel the flow of liquidity in the crypto markets. Bitcoin went through crests and troughs for about two weeks, reaching a high of $36k, a price it will finally record in May 2022.

In the year On November 1, the BTC price was at a low of $34.25K and on It moved quickly to hit $36,000 on November 2nd. However, 24 hours after the peak, Bitcoin is back to $34.5K.

This sudden rise and fall of 4% is the primary reason for the persistent liquidation. At the time of writing this report, Bitcoin is still showing signs of further decline, having lost 2.34% in the last 24 hours.

Ethereum's performance is also showing signs of continued bearishness as it has lost more than 2.1% in value over the past 24 hours.

In almost the same tone, Cardano and MASK, see huge liquidation in shorts, 4% and 16% in the last 24 hours, recording positive price actions.