December 12, 2023

Bitcoin Plummets Below $42,000, Wiping Out $530 Million in Long Positions

The upward trajectory of bitcoin faced a setback on Monday as the cryptocurrency's value dropped below $42,000, resulting in substantial liquidations totaling nearly $530 million across the crypto futures market within the last 24 hours.

During the early hours of Monday, bitcoin experienced a significant decline, slipping below the $42,000 mark and nullifying gains from the previous week. This downturn triggered approximately $530 million in liquidations within the crypto futures market over the past 24 hours.

As of writing, bitcoin is trading at approximately $41,800, marking a 4.7% decrease in the last 24 hours, with the lowest point reaching $40,200 in the past day.

According to data from CoinGlass, almost 87% of the liquidated crypto positions in the last 24 hours were long positions, leading to the liquidation of over 129,000 traders.

Of the total liquidations in the past day, BTC accounted for over $150 million, with $126 million linked to long positions.

The recent slump in bitcoin disrupts the momentum of the crypto market rally over the past week, resulting in a 7.3% drop in the global crypto market cap to $1.48 trillion within the last 24 hours.

Despite only a slight recovery in the last few hours, the overall gains of the total crypto market from the past week hover around 3%. The cryptocurrency market has still seen an increase of over 17% in the past month and an impressive 104% growth over the past year.

In the last month alone, bitcoin has maintained a 13% increase, showcasing a remarkable 152% surge over the past year.

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