💣 Bitcoin Crashes Below $115K — $700M in Longs Liquidated in Hours

Long liquidations of over $700 million have occurred in the cryptocurrency futures market because to the precipitous decline in Bitcoin and altcoin values, according to the data.

The price of Bitcoin and other cryptocurrencies has fallen sharply during the last day, riding a wave of negative momentum in the market. Bitcoin's price dropped below $114,000 earlier today, but it has now recovered and is back over $115,000.

As it did last week, Bitcoin's price fell close to the $115,000 barrier before swiftly regaining its footing and stabilizing at $118,000. The question now is whether this present divergence is just transitory or the beginning of a more permanent separation from the consolidation range.


Market for Crypto Derivatives Has Seen Massive Exits
Data from CoinGlass shows that liquidations have accumulated in the cryptocurrency futures industry as a result of the market-wide volatility.

You can see up there that $804 million worth of bitcoin contracts have found a buyer in the last 24 hours. Long contracts accounted for $741 million, or 92% of the total.

With $250 million in liquidations, Ethereum (ETH) was at the front of the derivatives pack, followed by Bitcoin with $200 million.

ETH's price has fallen more precipitously in the last 24 hours, and speculation around it has been increased owing to the earlier breakout, thus it's probable that these two variables combine to make it the sector leader in this statistic compared to BTC.

There were early warning indications of a potentially explosive liquidation event. Bitcoin Aggregated Open Interest was skyrocketing, as shown in this figure supplied by Maartunn, a member of the CryptoQuant community, on Wednesday.

The "Aggregated Open Interest" metric here naturally tracks the overall number of open BTC futures positions across all centralized exchanges.

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