CRYPTO IDEA COMMUNITY
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Crypto Liquidations Hit $672 Million As Bitcoin Price Drops Below $88,000
In the early hours of March 3, Bitcoin’s price dropped to around $88,000, raising concerns amongst investors and other digital asset market traders.
At this time, the flagship cryptocurrency had dropped further and was trading at $86,846.88. This current BTC price level corresponds to a 6.93% dip within 24 hours at the time of writing.
Therefore, it is not surprising that Bitcoin was leading the crypto liquidations as of writing. According to Coinglass data, the coin has recorded 24-hour liquidations valued at $258.70 million.
Over 80% of this value was liquidated from long traders who must have placed their bets on a potential BTC price increase. Short Bitcoin traders only recorded about $44.36 million in losses within the same time frame.
Bitcoin liquidations were followed closely by Ethereum, which had $148 million worth of liquidations.
Once again, long traders suffered the most, losing as much as $114.52 million, while short traders lost only $33.68 million.
The massive liquidations also affected Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, LTC, and other cryptocurrencies.
In the early hours of March 3, Bitcoin’s price dropped to around $88,000, raising concerns amongst investors and other digital asset market traders.
At this time, the flagship cryptocurrency had dropped further and was trading at $86,846.88. This current BTC price level corresponds to a 6.93% dip within 24 hours at the time of writing.
Therefore, it is not surprising that Bitcoin was leading the crypto liquidations as of writing. According to Coinglass data, the coin has recorded 24-hour liquidations valued at $258.70 million.
Over 80% of this value was liquidated from long traders who must have placed their bets on a potential BTC price increase. Short Bitcoin traders only recorded about $44.36 million in losses within the same time frame.
Bitcoin liquidations were followed closely by Ethereum, which had $148 million worth of liquidations.
Once again, long traders suffered the most, losing as much as $114.52 million, while short traders lost only $33.68 million.
The massive liquidations also affected Solana (SOL), Dogecoin (DOGE), Ripple’s XRP, LTC, and other cryptocurrencies.
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