HomeCryptocurrenciesBitcoin's Drop Below $65K Sparks a $420 Million Liquidation in Long Positions

Bitcoin’s Drop Below $65K Sparks a $420 Million Liquidation in Long Positions

Bitcoin continues its unexpected slide. The world’s most valuable cryptocurrency dropped below $65K at one point on Tuesday, sparking massive liquidation in long positions and causing a ripple effect on other coins.

According to Crypto News, crypto traders liquidated $420 million in long positions in a span of 24 hours. Out of that number, $372 million was liquidated on the world’s biggest crypto exchanges like Binance and HTX. Additionally, a total of 190,144 traders were liquidated while the total liquidations crossed the $480 million mark.

Bitcoin hovered around $66K over the weekend before dangerously approaching the 65K mark on Monday. On Tuesday, the drop finally happened, as Bitcoin went all the way down to $64,091.60 at one point. It later returned above $65K, but its effects on the rest of the crypto market still remain.

Other cryptocurrencies followed the trajectory of Bitcoin, with Ethereum dropping by 4% at one point. The meme coins like Dogecoin and Shiba Inu had an even worse day, losing up to 10% of their value.

Still, crypto enthusiasts believe that the latest decline is just temporary. Federal Reserve is expected to cut rates in 2024, with lower interest rates usually influencing investors to turn to high-risk/high-reward assets like cryptocurrency. 

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