While Bitcoin has been experiencing sharp sell-offs and declines for about a month, hundreds of millions of dollars have been wiped from the cryptocurrency market in the last 24 hours. After reaching $72,000 in its last bullish cycle, the price of Bitcoin (BTC) has been declining for over a month. During this period, many altcoin prices have also seen significant drops, and investors have faced liquidations.
This morning, Bitcoin fell to as low as $58,128, while Ethereum’s price, which had previously soared following the approval of an ETF, dropped significantly to $3,178.
$267 Million Wiped Out
The sharp sell-offs in Bitcoin over the past 24 hours have led to the liquidation of hundreds of millions of dollars’ worth of futures positions. According to Coinglass data, at the time of writing, the total value of liquidated positions in the last 24 hours was $267 million. It was noted that over 102,000 cryptocurrency investors were affected by this situation.
The largest liquidation was a $4 million Ethereum long position on the cryptocurrency exchange OKX, while approximately 88.57% of the total liquidated positions were long positions. Of the liquidations, $112 million occurred on Binance, and $87 million on OKX.
According to CoinGecko data, Bitcoin and Ethereum have seen some recovery, with BTC trading at $58,942 and Ethereum at $3,214 at the time of writing.