Plunge

Bitcoin

Million

when

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Over $400 million in liquidations occurred as Bitcoin’s price dropped below $67,000.</li>
 <li>The majority of liquidations, approximately $342 million, were long positions.</li>
</ul>
<p>Bitcoin’s price, which had been trading above $71,000, fell below the $67,000 mark, leading to over $400 million in liquidations on various centralized cryptocurrency exchanges.</p>
<h2 id="details-on-liquidations">Details on Liquidations</h2>
<p>Data reveals that of the total liquidations, around $342 million were long positions. <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> positions experienced the most significant impact, with over $130 million in liquidations, including $90 million in long positions.</p>
<p>Liquidations occur when a trader’s position is forcibly closed due to insufficient funds to cover losses. This typically happens when market movements are unfavorable to the trader’s position, resulting in the depletion of their initial margin or collateral.</p>
<h2 id="market-repercussions">Market Repercussions</h2>
<p>The fall of Bitcoin below $67,000 led to the wipeout of long positions. The leading cryptocurrency by market cap is down more than 4.2% over the last 24 hours, currently trading around $66,500.</p>
<p>Simultaneously, the GMCI 30 index, representing a selection of the top 30 cryptocurrencies, dropped 6.8% to 143.40 in the past 24 hours. The second-largest cryptocurrency, <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a>, saw a 6.5% decrease to $3,319.</p>
<p>Analysts at a crypto trading firm noted that the options market signaled the move. The liquidations were primarily led by large retail-heavy exchanges. The options market provided an early warning to a sharp downside move, particularly the downside skew in risk reversals.</p>
<p>The speed of the move was due to large liquidations on retail-heavy exchanges like <a href="https://crypto.ro/en/exchange/binance/" rel="noopener noreferrer nofollow">Binance</a>, which saw perp funding rates go from as high as 77% to flat.</p>

Bitcoin Plunge under $67,000 Sparks $400 Million Liquidations in Crypto Trading Market

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