Plunge

Bitcoin

when

Bitcoin’s wild price swings have rattled the crypto markets, causing significant liquidations. In the past 24 hours, the total liquidation value reached a staggering $894.03 million, affecting 168,056 traders. The largest single liquidation occurred on OKX with a BTC-USDT-SWAP order worth $18.94 million. 
The chaos began when Bitcoin surged to an <a href="https://www.cryptotimes.io/2024/12/05/bitcoin-surges-past-100000-creates-history/" target="_blank" rel="noreferrer noopener">impressive $103,900</a> before plunging to <a href="https://www.cryptotimes.io/2024/12/06/traders-stunned-as-bitcoin-drops-to-90000-on-binance/" target="_blank" rel="noreferrer noopener">$90,400 overnight on Binance</a>. However, bulls quickly entered the scene, pushing the price back to $97,898 as of now. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img decoding="async" width="860" height="293" src="https://www.cryptotimes.io/wp-content/uploads/2024/12/liquidation-860x293.png" alt="Coinglass Liquidation" class="wp-image-221026">
 <figcaption class="wp-element-caption">
 Source: <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noreferrer noopener nofollow">Coinglass</a>
 </figcaption>
 </figure>
</div> 
The bulk of the liquidations were long positions, accounting for $733.49 million, while shorts added $160.36 million to the tally. Here’s how the liquidations played out over different timeframes: 
<ul class="wp-block-list"> 
 <li>1 Hour: $18.22M ($17.02M longs, $1.20M shorts)</li> 
 <li>4 Hours: $50.18M ($42.67M longs, $7.51M shorts)</li> 
 <li>12 Hours: $166.08M ($103.25M longs, $62.83M shorts)</li> 
 <li>24 Hours: $893.85M ($733.49M longs, $160.36M shorts)</li> 
</ul> 
Bitcoin’s dramatic rise and fall within such a short span highlight the ongoing volatility in the cryptocurrency market. While some traders capitalized on the fluctuations, others faced heavy losses.

$894M Wiped Out in 24 Hours After Bitcoin Plunge to $90K

The Crypto Times

Other articles published on Dec 6, 2024

What are the Best Crypto Exchanges for Crypto Indices?

AAVE Set the Bar—This Best Crypto to Buy Now is Raising it Higher!

Watch Out for the Next Boom with Soaring Memecoins Hitting $140B Market Cap

Sui’s Bullish Trend Puts Avalanche on Notice: What’s Ahead

11 Trillion Shiba Inu (SHIB) in 24 Hours: What to Expect

Best Meme Coins to Invest In Today Friday, December 06 – Mog Coin, Samoyedcoin, Katana Inu

Join our free newsletter for daily crypto updates!