Key Points
- Bitcoin’s price has dropped below $63,000, leading to a surge in long liquidations.
- Ethereum and other major altcoins have also experienced significant drawdowns.
The price of Bitcoin has fallen below $63,000, causing a sharp increase in long liquidations.
Data indicates that over $47.9 million in Bitcoin long liquidations occurred on centralized exchanges in the last 24 hours. This is out of a total of $49 million in liquidated Bitcoin positions.
Market Impact
The broader cryptocurrency market also faced significant liquidations, with a total of over $161 million. This includes around $153 million in long positions.
Ethereum, the second-largest cryptocurrency, was not spared from these liquidations. Over $29.1 million were liquidated, with $28.5 million being long positions.
Liquidations occur when a trader’s position is automatically closed due to a lack of sufficient funds to maintain it. This is usually triggered by market fluctuations that diminish their initial margin or collateral.
Current Cryptocurrency Status
At present, Bitcoin, the largest digital asset by market cap, is trading at a monthly low of $62,270, representing a 3.2% drop in the last 24 hours. This current price is 15% below the all-time high of $73,740 achieved on March 14.
Major altcoins have suffered larger drawdowns. Data reveals that Ethereum has fallen by 4% to $3,371 in the last day, while SOL has seen a 7% drop.
The GMCI 30 Index, which represents a selection of the top 30 cryptocurrencies, has decreased by 4% to 124.9 in the same period.
Bitcoin’s market dominance is currently at 51.5%, while Ethereum’s dominance stands at 17.3%. The global cryptocurrency market cap has reduced by about 3.5% in the last day, now standing at $2.38 trillion.