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Bitcoin falls near $80,000 as $1.16 billion in liquidations hit

CoinGlass data show $1.16 billion in crypto derivatives liquidations over 24 hours, with bullish positions accounting for most of the hit.

Reported · Written up by our desk · Bitcoin

Bitcoin traded near $80,744 and fell to an intraday low close to $80,000 as a broad crypto selloff triggered major forced closures. CryptoSlate said the drop came as Bitcoin’s attempt to reclaim $87,000 failed.

The selloff helped produce $1.16 billion in liquidations across the crypto derivatives market over the prior 24 hours, according to CoinGlass data cited by CryptoSlate. CoinGlass figures showed $1 billion of that total tied to bullish positions, compared with $108 million in short positions.

CryptoSlate noted the liquidation pace accelerated in recent hours, with nearly $700 million recorded over four hours, including $650 million in long positions. The same data set indicated 166,769 traders were liquidated during the 24-hour period.

The liquidation pattern reflects how falling prices can force exchanges to close leveraged trades as collateral requirements are no longer met, CryptoSlate said. It added that such liquidations can further pressure prices when platforms sell assets or close long positions into a weakening market.

Latest closeBitcoin $81,704.47 ▼1.9%

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