Friday, October 7

Over $700 Million Liquidated in a Day as Bitcoin Price Dipped Below $63K

Today was looking to be a good day for Bitcoin and the entire cryptocurrency market, but the bears had a mind of their own.

  • Earlier today, we reported that Bitcoin’s price painted a new all-time high above $69K, while the remaining cryptocurrencies were also painting notable increases.
  • Fast forward a few hours later, though, and we’re now looking at love $700 million worth of liquidated positions as BTC takes a nosedive and dips below $63K.
Chart by TradingView
  • Even though the price recovered to about $65K, at the time of this writing, BTC is still down about 4% on the daily.
  • The rest of the market also tumbled as the total capitalization lost a little less than $200 in the process.
  • Data from Bybt shows that 81% of the liquidations came from long positions, and the majority of them happened on Binance.
  • Meanwhile, the largest single liquidation order happened on Bitmex, and it had a face value of $65.66 million.
  • Interestingly enough, it was a Cardano position, and it accounted for roughly 65% of the total ADA liquidations during the past 4 hours.

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