Bitcoin’s Wild Ride: Crash Wipes Out Traders

Bitcoin had a rough start to the week with a sudden drop that sent its price below $69,000. While it’s recovered a bit since then, the damage is done.

Thousands of Traders Liquidated

The crash triggered a wave of liquidations, where traders lost their leveraged positions. Over 81,000 traders were flushed out, losing a whopping $220 million.

Biggest Losers

Long traders, who bet on Bitcoin rising, took the biggest hit. Over 70% of the liquidated positions were longs, amounting to $156 million in losses.

Exchanges with Most Liquidations

OKX led the pack with the most liquidations, accounting for almost half of the total. Binance and Bybit followed with significant losses as well.

Bitcoin, Ethereum, and Dogecoin Hit Hardest

Bitcoin and Ethereum accounted for the largest liquidation volumes, with $36.1 million and $28.98 million lost, respectively. Meme coins like Dogecoin and PEPE also saw their losses climb.

Long Traders Continue to Suffer

Long traders are still facing massive losses, even in the short term. Over 85% of liquidations in the last 12 hours were long positions.

Bitcoin’s Struggle

Despite the recovery, Bitcoin is still facing resistance at $69,500. At the time of writing, it’s trading at $69,450, down 1.1% in the past 24 hours.