Crypto Liquidations Soar to $672M as Bitcoin Drops Below $88K

In the early hours of March 3, Bitcoin’s price fell to around $88,000, sparking concerns among investors and traders. The flagship cryptocurrency continued its decline, reaching $86,846.88—a 6.93% drop within 24 hours.

Unsurprisingly, Bitcoin led the crypto liquidations, with Coinglass data showing $258.7 million wiped out in the past day. Over 80% of these losses came from long traders betting on a price surge, while short traders saw comparatively smaller losses of $44.36 million.

Ethereum followed closely, with $148 million in liquidations—$114.52 million from long positions and $33.68 million from shorts. Other cryptocurrencies, including Solana (SOL), Dogecoin (DOGE), XRP, and Litecoin (LTC), also faced significant liquidations.