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Bitcoin, Dogecoin, and Ethereum Volatility Drive $290 Million in Liquidations

source-logo  decrypt.co  + 1 more 17 June 2024 21:27, UTC

Volatility in the prices of Bitcoin, Ethereum, and Dogecoin today didn’t substantially affect most traders, as each of the three cryptocurrencies ended up roughly where they started by Monday evening. But price spikes along the way appear to have triggered a wave of crypto liquidations—over $290 million worth across the market.

Ethereum led the pack, with about $58.9 million worth of liquidations triggered by ETH’s price movement in the last 24 hours, per data from CoinGlass. The majority of ETH-related positions liquidated on Monday were longs.

While ETH only fell 2% overall on Monday, the token did briefly fall below $3,500. Though that dip was tiny (ETH only fell $12 below $3,500 at its lowest point today), and the token soon recovered, the crossing of that line may have triggered a wave of liquidations.

Dogecoin experienced a similarly minor but significant drop today. The world’s top meme coin only briefly fell below $0.13 today, before recovering in a matter of minutes. But that dip appears to have triggered a massive wave of long position liquidations for the token. Over $44 million worth of DOGE long positions have been liquidated in the last 12 hours alone.

DOGE is down 3.6% on the day overall.

Bitcoin, meanwhile, was crypto’s third-biggest target for liquidations today—with short positions constituting a thin majority of positions liquidated.

In the last 24 hours, some $21 million worth of BTC short positions—and $19.86 million worth of long positions on the coin—have been liquidated.

Though the price of the world’s top cryptocurrency has ended up, at writing, almost exactly even from where it stood a day ago, BTC briefly shot up past $67,000 on Monday afternoon, in an unfortunate development for those betting on the token’s downward trajectory. BTC now sits, at writing, at $66,376.

Edited by Andrew Hayward


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