Liquidations totaling $290 Million driven by Volatility in Bitcoin, Dogecoin, and Ethereum – Decrypt

The prices of Bitcoin, Ethereum, and Dogecoin experienced volatility today, but by Monday evening, they ended up roughly where they started. However, the price spikes triggered a wave of crypto liquidations totaling over $290 million across the market.

Ethereum led the way with about $58.9 million in liquidations due to ETH’s price movement in the last 24 hours, according to data from CoinGlass. Most of the ETH-related liquidations on Monday were long positions.

Although ETH only dropped 2% overall on Monday, it briefly fell below $3,500. This slight dip, where ETH dropped $12 below $3,500 at its lowest point, may have triggered the liquidations.

Dogecoin also experienced a minor drop today, briefly falling below $0.13 before quickly recovering. However, this dip led to a large wave of liquidations for long positions, totaling over $44 million in the last 12 hours alone.

DOGE is down 3.6% overall today.

Bitcoin was also a target for liquidations today, with short positions dominating the liquidated positions. In the last 24 hours, around $21 million in BTC short positions and $19.86 million in long positions were liquidated.

Despite briefly surpassing $67,000 on Monday afternoon, the price of Bitcoin is now at $66,376, almost unchanged from a day ago. This unexpected increase was unfortunate for those betting on the token’s decline.

Edited by Andrew Hayward

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