Cryptocurrency market liquidations exceeded $ 1 billion per day

The price of bitcoin BTC $90,528.00 Mezo Wrapped BTC -4.62% Market capitalization $45.96 million VOL. 24 hours $4.86 billion has dropped below $ 90,000 for the first time in six months, reaching a level of about $ 89,200. The last time Bitcoin traded at this level was in April. The price decline caused large-scale liquidations in the cryptocurrency derivatives market.

According to CoinGlass, more than 183,000 traders were forced to close their positions during the day. The total volume of liquidations exceeded $ 1 billion, which was one of the highest figures in recent months. The largest losses were incurred by long position holders — over $ 724 million. For short positions, the amount of liquidations amounted to about $ 291 million.

The largest losses were recorded in the Bitcoin and Ethereum markets ETH $3,057.95 Bridged Ether (StarkGate) -4.59% Market capitalization $72.37 million VOL. 24 hours $2.99 billion . Liquidations on BTC contracts amounted to $ 564 million, while ETH contracts amounted to $ 175 million. The sharp drop in prices and liquidation volumes highlighted the volatility of the market, which was under pressure after several days of decline.

According to TradingView, the BTC/USDT rate on Binance was fluctuating between $ 89,000 and $ 90,000. This indicates high volatility. Increased trading volumes and massive liquidations of futures positions were the result of panic selling.

CryptoQuant analysts reported that new investors sold more than 148,000 BTC at a loss. This may indicate that some market participants could not withstand the downward pressure and decided to fix their losses after the rate dropped below the psychological mark of $ 90,000.