Long-term liquidation of $ 1.8 billion in one day as the bitcoin price dropped below $ 56,000.

As the markets are red in all areas, lows prevailed in today's trading session. Bitcoin's price dropped to $ 55,600, creating numerous liquidated long positions. Bitcoin's price dropped from its intraday high of $ 58,600 to $ 55,600 and dropped $ 3,000 to a dollar value. At the time of writing, the price is fluctuating around $ 56,000. BTC / USD. Source: TradingView The entire cryptocurrency market is tracking BTC's daily decline of almost 10%. Ethereum fell 8% to $ 1,930 in 24 hours. The Binance coin recovered after reaching a new high of over $ 410 and is currently sitting around $ 360 before a 5% daily drop. The same is true for other major cryptocurrencies such as ADA, DOT, UNI, LTC, LINK. This market-wide slowdown triggered multiple purged positions in which the bears triumphed. At the time of press, the data reveals that there were about $ 1.8 billion in long positions that were closed in the last 24 hours, which is 89.19% of total closings, which is about $ 2.2 billion. Binance takes the lead as the exchange sees that approximately 51% of all liquidations take place on its platform. Here is Bybit and Huobi. As almost always, Bitcoin futures represent the lion's share of liquidation, which is currently around $ 610k, followed by $ 312k in XRP and $ 281k in ETH in the past 24 hours. . CryptoPotato reported earlier today that the Kimchi premium collapsed after South Korea's BTC traded above $ 70,000. CryptoQuant, a crypto analytics resource, pointed out that this historically preceded the drop in bitcoin price, and it still is. Read more

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