Bitcoin drop, traders seen $553 million crypto liquidations

Investors witnessed massive crypto liquidations of half a billion dollars in one day after Bitcoin crashed to its lowest price last week.

According to Coinglass data dated November 25, crypto investors saw a massive liquidation of approximately $553 million on the last trading day. While the Bitcoin price dropped by almost 5% in one day to $92 thousand, investors with long positions converted $413 million into cash.

1-Day BTC price chart, September 10 – November 26, 2024 | Source: crypto.news

Long positions in the last 12 hours and 4 hours witnessed massive crypto liquidations of $344 million and $140 million respectively. Open positions in the past day also increased to triple digits with 138 million dollars.

Bitcoin (BTC) and Ethereum (ETH) are the major contributors to crypto liquidation. At the time of writing, Bitcoin recorded $24 in both positions, while Ethereum recorded $11 in long positions and $3 million in short positions.

Approximately 169,879 crypto traders liquidated in the past day, with traders on the Binance exchange accounting for the most significant number of liquidations with $4.67 million in the BTC/USDT pair.

The capitalization of the crypto market also fell by almost 3% to $3.23 trillion, with trading volume around $240 billion.

Crypto liquidations continue

Altcoins’ small market caps have seen a significant impact due to crypto liquidations; Approximately 100 million dollars were lost in the market. A total of $494 million was liquidated on November 24.

This market-wide correction is considered normal conditions after Bitcoin’s rally last month. According to CoinMarketCap data today, Bitcoin still dominates the market with 57.4% and the crypto fear-greed index showed 82 points, indicating that the market is in a rather greedy position.

This wave momentum has potentially fueled further upside as macroeconomic conditions, particularly in the United States, hold promise for crypto’s future. This will also add positive sentiment to the market after Bitcoin’s dominance fell and affected the rise of altcoins.