With Bitcoin (BTC) experiencing a sharp decline, transactions worth $300 million were liquidated in the last 24 hours.
The crypto market, where bull expectations are intense and bullish scenarios are realized, was dealt a blow the other day. BTC experienced a 5 percent decline. With this decline, BTC retreated from $ 36,700 to $ 34,800.
US consumer inflation data was announced on November 14. The positive data increased expectations that the BTC price would continue to rise. However, BTC fell sharply in the evening hours of November 14, dragging altcoins along with it.
The decline resulted in liquidations worth hundreds of millions of dollars. The majority of the liquidations took place in long (bullish) transactions.
BTC drop wiped $300 million from the market!
Bitcoin (BTC) experienced a sharp decline despite the positive economic data from the USA. The drop came hours after the data and could not be attributed to any cause. BTC completed its decline, which started in the evening hours of the previous day, at $34,800. The decline reached 5 percent.
BTC decline liquidated long (bullish) transactions. According to Coinglass data, $300 million in liquidations took place in the last 24 hours. $264 million of these liquidations occurred in long transactions. Traders who opened short trades due to FOMO caused a liquidation of $39 million.
According to the Coinglass heat map, $119 million of the liquidations in the last 24 hours occurred in BTC. ETH liquidations amounted to $63 million. In an environment where long transactions were liquidated with the decline of BTC, SOL produced a remarkable data. SOL liquidations amounted to $12 million and were dominated by short transactions. SOL price increased despite the BTC decline.
According to data, more than 75 thousand traders were liquidated in the last 24 hours. The largest liquidation took place on the OKX exchange. $9.45 million was liquidated in the BTC-USDT-SWAP parity on this exchange.
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