Bitcoin, Ethereum Prices Plunge as Crypto Liquidations Approach $500 Million

Like the prices of Bitcoin, Ethereum, and other cryptocurrencies remained in the red Monday evening, as investors saw nearly half a billion dollars in positions liquidated in 24 hours. Of $489 million in liquidations, the vast majority (over $432 million) destroyed long positions, according to to aggregated crypto market data from CoinGlass.

Most of the day’s liquidations took place in the last 12 hours, as Bitcoin price fell as low as $64,548 Monday evening and the ETH price fell to $3,384, leaving both down more than 5% over the previous seven days.

The overnight numbers continuation of a flood of liquidations observed yesterday, vaporizing $290 million in mostly long positions.

According to CoinGlass, around 200,000 traders were liquidated over the past day. According to the site’s statistics, the largest liquidation order took place on Binance, a $6.4 million long bet on Ethereum.

Ethereum led the overall flood of liquidations, with $92.5 million in rekt positions in the last 24 hours, at the time of writing, with CoinGlass showing Bitcoin with $72.8 million in liquidations and Dogecoin (DOGE) with $60.3 million. Shiba Inu (SHIB) and Solana saw $22.9 million and $19.8 million in liquidations, respectively, during the same period.

The volatility of cryptocurrencies – even with massive institutional investor interest in the case of Bitcoin – often leads to forced liquidations as its fluctuating price defies holders’ expectations or hopes.

A surge in Bitcoin and Ethereum prices has led to more than 300 million dollars during liquidations of short positions in May, for example, followed by a equally important thrust for long positions a few weeks later.

Edited by Andrew Hayward

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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