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U.Today - Bitcoin (BTC), the world’s leading digital currency, has suffered severe price volatility in the last few days. The coin has struggled to stay above the psychological $100,000 level. This has resulted in $527 million in combined crypto liquidations in the last 24 hours.
Long positions take hardest hit
According to CoinGlass data, Bitcoin’s total liquidation was $161.96 million. Notably, long position traders recorded more liquidations at $92.12 million, while short position traders registered $69.84 million within the same time frame.This data shows that traders betting long on Bitcoin suffered higher liquidations, as BTC could not maintain stability above $100,000.
Bitcoin’s liquidation and price have impacted other altcoins. Other major assets that contributed to the total liquidation of $527 million include Ethereum (ETH), XRP, Dogecoin (DOGE) and Solana (SOL).
Ethereum’s total liquidation was $109.23, with long position traders suffering a loss of $57.47 million and short traders recording $51.76 million.
XRP’s liquidation of $29.22 million comprised $16.70 million long position traders and $12.52 million on short positions.
DOGE continued the pattern of long position traders suffering more liquidations than short-position traders with $15.34 million against $11.36 million to give a total of $26.70 million cumulatively.
Solana recorded a liquidation imbalance with short-position traders’ liquidation of $13.01 million, while the long position stood at $10.85 million. This gives a total liquidation of $23.87 million.
Bitcoin eyes recovery, but more volatility ahead
As of this writing, the Bitcoin price is witnessing a rebound on the crypto market as the coin is changing hands at $98,835.08, atop a 4.01% rally in 24 hours. However, Bitcoin’s trading volume has dropped by 21.4% to $79.92 billion, showing tempered sentiment.Raoul Pal, Real Vision CEO, in recent advice to the crypto community, urged investors to brace for further price collapses before it hits a new peak. He said BTC could plunge to $70,000 but urged investors not to panic.