It’s time for a correction. After a record rise in the price of BTC to $123 thousandThe value of the asset dropped to $115 thousand. This led to massive liquidations of positions.
Over the past 24 hours, 145,586 traders have been liquidated, with a total liquidation value of $514 million. The largest was a liquidation order on the OKX exchange for the BTC-USDT-SWAP pair worth $17.35 million. Longs suffered the most: liquidations amounted to $363 million.
ETH also dropped to $3,622, which caused $104 million in liquidations of long positions.
Meanwhile, DOGE lost 7% of its market capitalization over the past 24 hours and fell to $0.22. This led to the liquidation of $26 million worth of longs.
Many people opened longs on altcoins after seeing the strong growth of ETH. Naturally, market makers dumped and liquidated the late longs.
In addition, old whales have become more activewho rushed to take profits. This contributed to the price drop.
Source: Coinglass
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