Whether it’s the broader market’s turbulence spreading into crypto or intensifying pressure on the macro front, the reality is that bitcoin has been in a freefall state for a while now, which culminated minutes ago with a massive drop below $69,000 for the first time in almost two months.
With the altcoins copying BTC’s major leg down, the total value of liquidated positions has skyrocketed to $1.4 billion on a 24-hour scale. Longs continue to dominate.
BTC Tanks Hard Again
It was just last Wednesday when the primary cryptocurrency tapped $81,000 after the Democratic sweep in the midterms. Since then, though, the bears have been in complete control. At first, they pushed the asset down to under $76,000 just 24 hours after that spectacular rise above $80,000. A few relatively calm days followed, with bitcoin trading sideways between $75,000 and $76,000.
The current business week began with another leg down, this time to under $74,000. The cryptocurrency managed to stand still for a bit, but the selling pressure intensified once again on Tuesday after the CPI reading, and it slipped below $73,000.
Wednesday was a rebound-attempt day, with bitcoin jumping to almost $75,000. The rejection was quite painful. At first, BTC returned to $73,000 before the Jensen Huang resignation news and the growing tension in the Middle East drove it to $71,000. The landscape has worsened further over the past few hours, with BTC plunging first below $70,000 and then $69,000 to mark a multi-month low.
ETH continues to be deep in the red, with another 6% decline driving it to $1,925 as of now. XRP dipped to $1.00 but has remained just $0.01 above that level for now. SOL, ZEC, DOGE, XMR, and WBT have all marked massive losses of more than 6% in the past 24 hours alone.
Longs Get Crushed
There’s no way to sugarcoat the liquidation data, as CoinGlass points to over $1.4 billion in wrecked positions in the past 24 hours. $1.26 billion out of that total was from longs, and only $155 million from short positions. Bitcoin leads the pack with a massive lead, $742 million compared to ETH’s $250 million.
The single-largest liquidation order is still the one we reported on yesterday at $31.09 million on Hyperliquid. The total number of wiped-out traders, though, has risen to over 170,000.
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