Tuesday’s 5% decline in Bitcoin to almost $66,000 has caused a sharp increase in cryptocurrency liquidations, with long holdings bearing the brunt of this.
A rising wave of liquidations throughout the cryptocurrency ecosystem has resulted in a 5% decline in the price of Bitcoin over the last 24 hours, totaling $265 million.
Currently, Bitcoin is trading at $66,548 after hitting a 24-hour high of almost $70,000. The price action has had the greatest impact on long holdings in cryptocurrencies; according to CoinGlass data, over $245 million in longs, including roughly $57 million in long bets in Bitcoin, were liquidated over the course of the last day.
