news 
Bitcoin Falls Below $80K as $718M Gets Liquidated in 24 Hours
The cryptocurrency market has witnessed a drastic shift in sentiment following a sharp downturn in the price of Bitcoin (BTC). Over a 24-hour period, the leading digital asset plummeted below the crucial $80,000 threshold, leading to an unprecedented surge in liquidations across the market.
In a shocking turn of events, a staggering $718 million worth of positions has been liquidated within this timeframe. This development underscores the drastic impact of Bitcoin’s price decline on traders who had bet on continued upward momentum.
Long positions accounted for a significant portion of these liquidations, with a colossal $617 million being wiped out as the market reacted to the sudden downturn in the value of BTC. Bybit led the charge, with $238.65 million in long position liquidations, followed closely by Binance and OKX at $130.75 million and $54.64 million respectively.
The data from Coinglass reveals that Bitcoin’s price stood at $79,444.5 at the time of this report, with long positions totalling a whopping $525.004 million and short liquidations reaching $39.98 million.
Bybit once again takes center stage, accounting for a significant portion of these liquidations, with $238.654 million in long position liquidations. This underscores the devastating impact that this price decline has on traders who had bet on continued upward momentum.
Market sentiment is shifting rapidly as traders reassess their strategies and adjust to the new reality. Despite the sudden downturn, Bitcoin remains within a trading range that reflects strong activity.
Source: https://cryptonewsland.com/bitcoin-falls-below-80k-as-718m-gets-liquidated-in-24-hours/
