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Liquidation of $864.24 million as Bitcoin and digital currencies decline

In a stunning reversal of fortune, the cryptocurrency market experienced a major decline, culminating in massive liquidations worth $864.24 million.

$864.24 million in cryptocurrency liquidations

I conducted Bitcoin Correction process, down 7% to a weekly low of $65,214. This drop represents its lowest valuation since April 5.

The multiplier effects were also reflected at all levels. Even smaller cryptocurrencies, for example Solana And Dogecoin saw bigger declines, around 18% and 19%, respectively.

Price performance of Bitcoin, Solana and Dogecoin
Bitcoin, Solana and Dogecoin price performance. Source: Trading View

The drop also mainly comes from liquidations of bullish bets on digital currencies.

Just in the last 24 hours, indicate Data from Coinglass indicates that approximately $775.40 million in long positions were liquidated across derivatives markets. Sales transactions were also not spared, with approximately $89.89 million liquidated.

Total cryptocurrency liquidations
Total liquidations of cryptocurrencies. Source: Change machine

This sudden market shift contrasts sharply with a recent rally that was fueled in part by anticipation surrounding the Bitcoin halving event – ​​a major update to the digital currency's code aimed at reducing its supply.

Despite the current sell-off in cryptocurrencies, Bitcoin is still up for the year, increasing by almost 60%.

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