Bitcoin price slides below $63,000, triggering a spike in long liquidations

Quick Take

  • Bitcoin long liquidations reached nearly $48 million in the past 24 hours as the price fell below $63,000.
  • The broader crypto market saw over $161 million in liquidations, with around $153 million in long positions.
  • Bitcoin is currently trading at its monthly low of $62,270, 15% below its all-time high reached on March 14.

Bitcoin long liquidations have spiked since yesterday as the price of the largest cryptocurrency dropped below the $63,000 mark.

There were over $47.9 million in Bitcoin long liquidations across centralized exchanges in the past 24 hours — out of a total of $49 million in liquidated BTC positions, according to data from Coinglass. The broader cryptocurrency market saw over $161 million in liquidations, with around $153 million in long positions.

Ether, the second-largest cryptocurrency, also faced significant liquidations, with over $29.1 million liquidated — of which $28.5 million were long positions.

Liquidations happen when a trader’s position is automatically closed due to insufficient funds to sustain it, typically caused by market fluctuations that erode their initial margin or collateral.

Bitcoin, the largest digital asset by market cap, is currently trading at its monthly low of $62,270 — and down over 3.2% in the past 24 hours, according to The Block’s price page. The current price is 15% below the all-time high of $73,740 reached on March 14.

Bitcoin price chart | Source: The Block

Meanwhile, major altcoins have registered bigger drawdowns since yesterday. Data shows ether posting a drop of 4% to $3,371 over the past day, while SOL saw a 7% drop — currently trading at the $125 mark.

The GMCI 30 Index, representing a selection of the top 30 cryptocurrencies, fell 4% to 124.9 in the same period.

Bitcoin’s market dominance stands at 51.5%, while ether’s dominance is at 17.3%, according to Coingecko data. The global cryptocurrency market cap has decreased by around 3.5% in the past day — now standing at $2.38 trillion.


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© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Vishal Chawla is The Block’s Crypto Ecosystems Editor and has spent over seven years covering tech protocols, cybersecurity, artificial intelligence and cloud computing. Vishal can be reached on Twitter at @vishal4c and via email at [email protected]

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