The 5% drop in bitcoin cost users $ 550 million

The total amount of liquidations in the cryptocurrency market over the past 24 hours exceeded $ 550 million. BTC, LINK, and ETH accounted for the majority of the positions that were closed.

The value of the market’s flagship BTC $56,835.03 Bitcoin 0.07% Market capitalization $1.12 trillion VOL. 24 hours $1.2 billion dropped by 5.6% per day and 5.9% per week. The selling pressure amid low trading volumes on Saturday resulted in BTC traders losing a total of approximately $ 138 million. Market participants who opened positions on Chainlink (LINK) and Ethereum (ETH) also suffered significant losses, as the sharp drop in the exchange rate of these cryptocurrencies cost them $ 68.77 million and $ 67.12 million, respectively.

The leaders in liquidations among altcoins were SOL, DOGE, and the new memecoin BOME. More than 90% of liquidations were distributed among OKX, Bybit, Binance, and Huobi. The largest order was executed by Bitmex — the exchange closed the LINKUSD position for $ 38.83 million.

Last week, the BTC price once again updated its historical high, rising above $ 73,000. However, after that, the asset went into a correction, during which it briefly dropped below $ 65,000. However, Coinglass data shows that the number of long positions opened in the last hour exceeded the number of short positions, signaling traders' hope for a recovery in the price of the main cryptocurrency.

As a reminder, on March 14, the price of bitcoin fell amid problems faced by almost 200,000 traders — the volume of cryptocurrency liquidations exceeded $ 661 million in just one day. Pav Hundahl, a leading analyst at Swyftx, an Australian cryptocurrency exchange, noted that if ETF volumes continue to decline, bitcoin may correct back to $ 60,000 or even $ 50,000.