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<p>The post <a href="https://coinpedia.org/news/bitcoin-bloodbath-triggers-374m-liquidation-surge-whats-next-for-crypto/" rel="noopener noreferrer nofollow">Bitcoin Bloodbath Triggers $374M Liquidation Surge: What’s Next for Crypto?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market experienced a sharp increase in liquidations on Wednesday, triggered by Bitcoin’s significant price drop below the $60,000 mark. In the past 24 hours, a total of 132,091 traders were liquidated, resulting in total <a href="https://www.coinglass.com/LiquidationData" rel="noopener noreferrer nofollow">losses amounting to $374.81 million</a>.</p>
<h2 class="wp-block-heading" id="h-bitcoin-s-sharp-decline">Bitcoin’s Sharp Decline</h2>
<p>Bitcoin, the flagship cryptocurrency, faced intense selling pressure, <a href="https://coinpedia.org/news/qcp-analysts-see-signs-of-bitcoin-bottom-as-miners-capitulate/" rel="noopener noreferrer nofollow">plummeting below $60,000</a> and hitting a recent low of around $57,110. The market witnessed over $99.37 million in liquidations from long positions alone across centralized exchanges, out of a total of $113.75 million liquidated in BTC positions.</p>
<p>However, the largest single liquidation order occurred on Binance, involving an ETH/USDT value of $18.48 million as per the coinglass report.</p>
<h3 class="wp-block-heading" id="h-ether-and-other-cryptocurrencies">Ether and Other Cryptocurrencies</h3>
<p>Ether (ETH), the second-largest cryptocurrency, <a href="https://coinpedia.org/news/ethereum-eth-price-drop-to-3093-is-a-bigger-crash-ahead/" rel="noopener noreferrer nofollow">also faced substantial liquidations</a>, with over $97.55 million liquidated, including $89.77 million in long positions.&nbsp;</p>
<p>Liquidations happen when a trader’s position is automatically closed due to insufficient funds to maintain it, typically caused by market fluctuations that erode their initial margin or collateral.</p>
<h2 class="wp-block-heading" id="h-derivatives-traders-remain-optimistic">Derivatives Traders Remain Optimistic</h2>
<p>Despite recent market downturns, derivatives traders maintain optimism, particularly for Ether. Analysts from QCP Capital noted a bullish sentiment in the options market, with a strong focus on Ether calls for September and December expirations.</p>
<p>Moreover, the anticipated approval of spot Ethereum exchange-traded fund (ETF) S-1 forms could trigger a significant rebound in Ether prices.</p>
<p>On the flip side, Bitcoin miners are showing signs of capitulation, historically indicative of price bottoms. Recent data suggests miners have been under significant pressure, with daily revenues dropping drastically from $79 million in March to $29 million.</p>

Bitcoin Bloodbath Triggers $374M Liquidation Surge: What’s Next for Crypto?

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