Long

Solana

Bitcoin

Dogecoin

Read

Volatility rocked crypto markets less than two days before Bitcoin’s halving, with the asset bouncing between $61,000 and $64,000. 
According to CoinGlass, this market fluctuation triggered more liquidations in Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="">BTC</a>) positions and across the broader digital asset ecosystem. Long BTC positions suffered the biggest hit on April 18 due to the token’s brief drop under $62,000.&nbsp; 
Traders betting on higher Bitcoin prices logged over $57 million in liquidations across several trading venues. Short positions, investors predicting price declines, lost north of $36 million in 24 hours.&nbsp; 
Data also ranked a $5.3 million BTC/USDT pair trader on crypto exchange OKX as the single-larget liquidation order at press time, as more than 74,571 traders saw positions wiped out from the market.&nbsp; 
Ethereum (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>), the second-largest cryptocurrency, trailed BTC with over $53 million in liquidations comprised of long and short traders. Major altcoin Solana (<a href="https://crypto.news/price/solana/" rel="">SOL</a>) boasted considerably less at $14 million, followed by veteran meme token Dogecoin (<a href="https://crypto.news/price/dogecoin/" target="_blank" rel="">DOGE</a>) with around $9 million. 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14266625"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-403-1024x551.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="551" src="https://crypto.news/app/uploads/2024/04/Screenshot-403-1024x551.png" alt="Bitcoin longs lead $247m in liquidations as markets lull&nbsp; - 36"> 
 </picture> 
 <figcaption class="wp-element-caption">
 April 18 crypto liquidations | Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="">CoinGlass</a>
 </figcaption>
</figure> 
 You might also like: <a href="https://crypto.news/the-winners-and-losers-from-bitcoins-halving/" rel=""> The winners and losers from Bitcoin’s halving </a> 
<h2 class="wp-block-heading" id="bitcoin-pre-halving-swings">Bitcoin pre-halving swings</h2> 
Bitcoin’s corrections and subsequent price swings seem to have initiated a market cooldown after racing to a new all-time high last month and buoying the entire crypto market near its 2021 peak.&nbsp; 
As of writing, the total crypto market traded flat, down 0.9% at a $2.3 trillion valuation per CoinGecko. The sector surpassed $3 trillion during the previous bull run and came close to this height following BTC’s boom earlier this year.&nbsp; 
<figure class="wp-block-image size-large">
 <picture loading="lazy" decoding="async" class="wp-image-14266626"> 
 <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-404-1024x837.png.webp"> 
 <img loading="lazy" decoding="async" width="1024" height="837" src="https://crypto.news/app/uploads/2024/04/Screenshot-404-1024x837.png" alt="Bitcoin longs lead $247m in liquidations as markets lull&nbsp; - 37"> 
 </picture> 
 <figcaption class="wp-element-caption">
 Crypto markets cool off | Source: CoinGecko
 </figcaption>
</figure> 
However, pre-halving volatility is not a novel pattern in crypto, and markets historically retrace up to 50% before BTC automatically deploys its code change. As the name suggests, the <a href="https://crypto.news/what-will-future-bitcoin-halvings-look-like/" target="_blank" rel="">halving</a> will cut block reward by half, potentially stifling mining companies’ revenue.&nbsp; 
As a cautionary measure, miners reportedly turned on more machines before the halving to <a href="https://crypto.news/mining-difficulty-new-high/" target="_blank" rel="">extract</a> as much value as possible from the blockchain and stockpile cash reserves to cushion operational costs.&nbsp; 
 Read more: <a href="https://crypto.news/mining-difficulty-new-high/" rel=""> Bitcoin mining difficulty marks new high before halving </a>

Bitcoin longs lead $247m in liquidations as markets lull

Table of Contents

crypto.news

Other articles published on Apr 18, 2024

Insights on Bitcoin’s Price Trends and Mining Post-Halving from JPMorgan

Binance Pulls out Reserve Assets Amid Crypto Market Crash?

What Is 7Bit Casino, What Makes It A Famous Crypto Casino?

Binance Converts SAFU Funds to USDC

How a ‘Very Smart’ Trader Made $24 Million Trading This One Crypto

JPMorgan CEO continues to trash talk Bitcoin amid BlackRock ETF involvement

Join our free newsletter for daily crypto updates!