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$100,000 Bitcoin at Risk as $878 Million Liquidation Tsunami Triggers Crypto Bloodbath
The cryptocurrency market has been hit with a brutal $878 million liquidation tsunami, forcing over 227,000 traders to abandon their positions and causing significant price movements across various assets. This surge in liquidations has sent shockwaves throughout the industry.
According to CoinGlass, Bitcoin’s price structure broke down in late trading, leading to a sharp drop of around $2,800 from roughly $102,800 to just above $100,000. The sudden decline triggered a violent series of forced liquidations, which wiped out a staggering 89% of long positions. Long positions accounted for the majority of the $777 million in total liquidated.
Meanwhile, short positions saw a meager $98.5 million go down the drain. This stark imbalance highlights the extreme market sentiment shift towards bears.
It’s essential to note that Bitcoin has recovered slightly since its initial decline but still remains precariously close to losing the crucial six-figure handle. If it drops below this level, it could spell further losses for investors as confidence wavers and more selling pressure emerges during the next trading session, especially when traditional markets open.
Market players must be cautious of this sudden shift in sentiment and consider hedging their bets accordingly.
Source: u.today
