Posted 2/28/2024, 8:11:04 PM
Bitcoin's Wild Price Swings Lead to $640 Million in Crypto Liquidations
- Bitcoin price rocketed 11% before quickly plunging, leading to $640M in crypto liquidations
- In last 12 hours, $309M in crypto shorts and $333M in crypto longs were liquidated
- Majority of liquidations ($424M) happened in last 4 hours
- In last 24 hours, about $700M in crypto positions liquidated, with $262M from Bitcoin alone
- Such high liquidations expected when asset like Bitcoin sees brief, extreme price rally then declines