Key Points
- Bitcoin long liquidations have surged over $30 million in the last 24 hours due to market volatility.
- The wider cryptocurrency market experienced over $145 million in liquidations during the same period.
Bitcoin’s price has been fluctuating around $62,000 due to market volatility. This has led to a significant increase in long liquidations, which have soared past $30 million within the last 24 hours.
The largest digital asset by market cap has been struggling to maintain its position above the $62,000 mark following a price correction.
Historical Data and Market Volatility
Analysts have noted that the rise in market volatility aligns with historical data. They have observed that in the two months following each previous halving, with one exception, Bitcoin’s price has experienced drawdowns ranging from 5% to 15% before it begins a steady upward trajectory.
In the past 24 hours, there was a total of $40 million in liquidated Bitcoin positions. The wider cryptocurrency market was affected by over $145 million in liquidations within the same period.
Cryptocurrency Market Updates
The vast majority of these combined crypto liquidations, approximately $121 million, were long positions, according to data from Coinglass.
At the time of writing, Bitcoin is trading at around $62,300, having fallen over 3% in the past 24 hours. The price of Ethereum has also dipped over 3% to $3,007 within the same period.
According to a recent market report by Glassnode, Bitcoin halving events are typically publicized in advance. Historically, there has always been a choppy “sell-the-news” event in the immediate term.
The fourth halving was no exception, with the Bitcoin price selling off by over 11%, and trading into the $57,000 region. This is the lowest price over the last two months, although the market has since recovered to be flat since the halving date.
The report further added that both of the previous two halving cycles saw flat prices after two weeks, with only the first halving seeing an 11% gain.
Bitcoin dominance edged up slightly over the past day to 50.9%, with Ethereum dominance falling slightly to 15%, according to data from Coingecko. The global cryptocurrency market cap decreased by 2.3% in the past 24 hours and now stands at $2.41 trillion.
The GM 30 Index, representing a selection of the top 30 cryptocurrencies, fell 2.98% to 128.48 in the same period.
