7 hours ago | 2 minutes reading
The overall valuation of the crypto market fell below $2 trillion on Saturday. Bitcoin is down 0.84% in the past 24 hours.
There were several significant liquidations in the market as a result of Bitcoin (BTC)’s sudden drop from its 2022 high. This year saw the largest liquidation of long positions, which had anticipated a bottom in the token’s price.
In just over a week, BTC plummeted from about $48,000, which was the year’s highest, to $42,400. The sharp drop in the token’s value can be traced to the Federal Reserve’s tight price-control policies and heightened inflation fears this year. The overall valuation of the crypto market fell below $2 trillion on Saturday as the token’s price fell.
$101 million in long positions liquidated
More long positions were liquidated than since mid-January, when bitcoin fell below USD 45,000, a critical support level. As the token moved below the support level on Wednesday, nearly $101 million in long positions were liquidated, according to data from Coinglass. Famed crypto analyst Crypto Rover tweeted with a chart warning followers that Bitcoin will plummet.
Long bets worth $222 million have been liquidated in the past six days. The statistics indicated that many traders expecting bigger BTC gains were caught off guard by the token’s decline. Even on a typical Saturday, when crypto market trading activity is typically low, BTC longs were selling at a tremendous rate. 73% of the $64 million worth of BTC holdings liquidated in the past day were long.
According to CoinMarketCap, Bitcoin price today is $42,593.93 USD with a 24-hour trading volume of $19,757,166,323 USD. Bitcoin is down 0.84% in the past 24 hours.