In the wake of heightened market volatility, the price of Bitcoin has surged back above the $63,500 threshold. Over the past 24 hours, the crypto landscape witnessed a tumultuous period, with the liquidation of more than $150 million in leveraged bitcoin positions.
After dipping to a recent low of $69,900, Bitcoin’s value rebounded, showing a resilient increase of over 1% within the same period. As of 7:50 a.m. ET, the largest cryptocurrency by market capitalization was trading at $63,559, according to data from The Block’s Price Page.
The volatility in price action led to significant liquidations across both long and short positions on centralized exchanges. CoinGlass data revealed that more than $78 million in bitcoin longs and over $72 million in shorts were liquidated, totaling over $150 million in liquidations.
While Bitcoin saw a rebound, the second-largest cryptocurrency, Ether, experienced a modest 0.3% increase, reaching $3,262 at 7:48 a.m. ET. Conversely, SOL, the native coin of the Solana network, recorded a decline of over 2% during the same period, according to The Block’s Prices Page.
The broader crypto market witnessed a total of over $275 million in liquidated long positions over the past day, contributing to a cumulative figure of $428 million in liquidations across various centralized exchanges.
Liquidations occur when traders’ positions are automatically closed due to insufficient funds to cover losses. This scenario arises when market movements go against the trader’s position, resulting in the exhaustion of their initial margin or collateral.
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