{"id":3761,"date":"2024-09-05T08:00:22","date_gmt":"2024-09-05T08:00:22","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=3761"},"modified":"2024-09-05T08:00:22","modified_gmt":"2024-09-05T08:00:22","slug":"170-million-in-crypto-longs-bite-the-dust-as-bitcoin-plunges-under-57000","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=3761","title":{"rendered":"$170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000"},"content":{"rendered":"

Data shows the crypto derivatives market has suffered a lot of liquidations in the past day as Bitcoin and others have plummeted.<\/p>\n

Bitcoin Has Declined More Than 3% In The Last 24 Hours<\/h2>\n

Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to the $56,600 level. The chart below shows what the asset\u2019s latest performance has looked like.<\/p>\n

During this plunge, Bitcoin briefly went down to the $55,600 level for the first time since the first-third of August. Despite the coin\u2019s rebound, its price has been down more than 3% over the last 24 hours.<\/p>\n

The rest of the crypto market has also not been spared, with the altcoins<\/a> seeing similar or worse returns than the original digital asset. Given this latest market volatility, it would be expected that the derivatives side would have seen a shakeup.<\/p>\n

Crypto Derivatives Market Has Just Witnessed High Liquidations<\/h2>\n

According to data from CoinGlass<\/a>, the crypto derivatives market has registered a high amount of liquidations<\/a> in the last 24 hours. A contract is said to be \u201cliquidated\u201d when its exchange has to forcibly shut it down due to it amassing losses of a certain degree (the exact percentage of which may differ between platforms).<\/p>\n

Below is a table that breaks down the latest liquidation data for the sector.<\/p>\n

As is visible, the crypto derivatives market has seen $200 million in liquidations during the past day. Almost $170 million of the flush involved the long<\/a> side, representing 85% of the total.<\/p>\n

The liquidations being so lopsided towards these investors betting on a bullish outcome is naturally because the sector as a whole has plunged in this window.<\/p>\n

Bitcoin has topped the charts regarding the individual share of the liquidations, with $55 million in contracts related to the coin taking a beating.<\/p>\n

Ethereum (ETH), the second largest crypto by market cap, hasn\u2019t been far, though, as it has seen over $50 million in liquidations. Solana (SOL) has seen the most liquidations at under $13 million.<\/p>\n

The Bitcoin Open Interest, a measure of the number of positions related to the currently open asset, has seen a cooldown alongside this mass liquidation event, suggesting new speculators haven\u2019t jumped in just yet.<\/p>\n

This trend could suggest that the market may have seen a healthy reset, leading to more stability for the asset\u2019s price.<\/p>","protected":false},"excerpt":{"rendered":"

Data shows the crypto derivatives market has suffered a lot of liquidations in the past day as Bitcoin and others have plummeted. Bitcoin Has Declined More Than 3% In The Last 24 Hours Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to […]<\/p>\n","protected":false},"author":0,"featured_media":3762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3761"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3761"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/3761\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/3762"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3761"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3761"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3761"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}