$1.8 Billion Longs Liquidated in a Day as Bitcoin Price Dips Below $56K

The bears had the upper hand in today’s trading session as markets are red across the board. Bitcoin’s price dipped to $55,600, causing a serious number of liquidated long positions.

• Bitcoin’s price took a turn for the worst today and declined from an intraday high of around $58,600 to a low of $55,600, losing $3,000 from its dollar value.
• At the time of this writing, the price hovers indecisively around $56,000.

• The entire cryptocurrency market followed BTC’s near 10% daily decrease. Ethereum plunged to $1,930, down 8% in 24 hours.
• Binance coin also retraced after it marked a new all-time high above $410 and currently sits at around $360 for 5% daily drop.
• The same is true for other large-cap cryptocurrencies such as ADA, DOT, UNI, LTC, LINK, and so forth.
• This market-wide pullback caused a massive number of liquidated positions where bears stood victorious.
• At press time, data reveals around $1.8 billion in liquidated long positions over the past 24 hours, representing 89.19% of the total liquidations, which amount to around $2.2 billion.
• Binance is leading the way as the exchange saw around 51% of all liquidations take place on its platform. Following are Bybit and Huobi.
• As it’s almost always the case, bitcoin futures account for the lion’s share of liquidations that currently stand at around $610K, followed by $312K from XRP and $281K from ETH in the past 24 hours.
• It’s worth noting that CryptoPotato reported earlier today that the Kimchi premium is crashing after BTC traded above $70K in South Korea.
• Crypto analytics resource CryptoQuant outlined that this has historically preceded slumps in the price of bitcoin, and it was the case once again.