$540 Million Was Wiped Out in One Day: The GOAT Candle of Bitcoin!
On December 5, 2024, Bitcoin ($BTC ) made history by finally crossing the $100,000 price, a moment celebrated by the entire crypto world.
But Here's the Shocking 🥶Twist:
In the same dramatic day, Bitcoin experienced an extreme price swing, plummeting to $90,000. This movement led to an astonishing $540 million worth of long positions being wiped out as traders faced mass liquidations.
During the recent sharp price movement in Bitcoin, liquidations were substantial. Approximately $540 million worth of long positions were liquidated as Bitcoin's price fell below $90,000. Meanwhile, on the upside, if Bitcoin had exceeded $93,000, it could have led to liquidations of around $1.6 billion in short positions. These extreme movements are primarily driven by highly leveraged positions in the market, which create zones of vulnerability for both long and short traders.
Additionally, the increased volatility and liquidation levels have been attributed to large leverage clusters at key price thresholds. When these levels are breached, it often triggers a cascade of liquidations due to margin calls, further amplifying the price swings.
Introducing #TheGoatCandle 🔥
This wild market action birthed The GOAT Candle, a symbol of Bitcoin's historic high and its devastating volatility all wrapped in one. A bittersweet moment that will be etched in crypto history forever.
This monumental price action created what will now be called #TheGoatCandle , symbolizing both resilience and the unpredictability of the crypto market.
📅 December 5, 2024, will forever be remembered as a day of triumph and turmoil in the world of crypto. If you agree, let's celebrate #THEGOATCANDLE , HASHTAG THEGOATCANDLE ON BINANCE AND ALSO COMMENT BELOW!
