Leveraged Crypto Traders Hit Hard: $872M Liquidated in a Single Day Amid Bitcoin Price Drop

Liquidations Near $1 Billion Following Bitcoin’s Latest Plunge

Currently, the value of the cryptocurrency market is approximately $2.42 trillion, following a 7.4% decrease over the last day. The volume of global crypto trades surged by 35.83% on Friday, reaching $114.57 billion.

Before 8 a.m. on Friday, bitcoin (BTC) was trading above $70,000, and it briefly jumped above $71,000 during the early morning trading sessions. However, resistance quickly emerged, causing the price to falter and subsequently fall sharply at 2:00 p.m.

The 1-hour candle at 2:00 p.m. recorded a drop to a low of $65,230 per bitcoin. The price managed to record a slight rebound from this low and is currently trying to claim the $67,000 mark. This downturn also impacted the broader market, as bitcoin’s significant price drops often influence the entire crypto economy.

Bitcoin is down 4.8% today and has fallen 8.8% against the U.S. dollar over the past month. The market volatility on Friday further led to a notable number of liquidations among crypto traders using leverage.

Around 275,000 crypto traders experienced liquidations, with total losses approaching one billion. According to data from coinglass.com at 4:00 p.m. Eastern Time, $871.88 million in leveraged positions were liquidated in 24 hours, including $782.41 million from long positions and $91.46 million from short positions.

While the global average price of bitcoin is around $67,000, BTC still trades at a premium in South Korea, priced at $71,753 per unit. The top trading pairs for BTC on Friday were USDT, FDUSD, and USD, with the South Korean won constituting 1.69% of all bitcoin transactions.

What do you think about bitcoin’s price slide on Friday afternoon? Share your thoughts and opinions about this subject in the comments section below.