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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Plunge Below $115,000 Wipes Out $700M In Crypto Longs

Keshav Verma
Keshav Verma
13 hours ago
2 mins read
Bitcoin

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Data shows the cryptocurrency derivatives market has seen more than $700 million in long liquidations as Bitcoin and altcoins have plummeted.

Bitcoin Price Just Made A Low Under $115,000

Bitcoin and the wider cryptocurrency market has witnessed a wave of bearish momentum during the past day as prices across the coins have declined. BTC went into the low $114,000 levels earlier in the day, but the coin has since bounced back above $115,000.

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The below chart shows how the asset’s recent performance has looked.

Bitcoin Price Chart
The price of the coin appears to have plunged during the past day | Source: BTCUSDT on TradingView

Last week, BTC also dropped toward the $115,000 mark, but back then, it was able to quickly bounce back to resume sideways movement around $118,000. As such, it only remains to be seen whether the current deviation is a temporary one as well or if it’s the start of a real break away from the consolidation range.

Most of the altcoins have taken a worse hit than the number one cryptocurrency during the past day, with some like Solana (SOL) and Hyperliquid (HYPE) exceeding losses of 5%.

Crypto Derivatives Market Has Racked Up Large Liquidations

A consequence of the market-wide volatility has been that liquidations have piled up over at the derivatives side of the cryptocurrency sector, according to data from CoinGlass.

Below is a table that shows the numbers related to the latest market liquidations.

Bitcoin & Crypto Liquidations
Looks like longs took the brunt of the liquidations in the past day | Source: CoinGlass

As is visible above, a total of $804 million in cryptocurrency contracts have found liquidation during the past day. Out of these, $741 million of the contracts, equivalent to 92% of the total, were longs.

Ethereum (ETH) led the derivatives flush with $250 million in liquidations, Bitcoin followed at $200 million.

Bitcoin Vs Others
The breakdown of the liquidations by symbol | Source: CoinGlass

ETH topping the sector in this metric over BTC is likely a combination of two factors: its price has seen a steeper decline in the last 24 hours and speculative interest around it has been elevated due to the earlier breakout.

Signs were already there that a volatile liquidation event may be coming. As this chart shared by CryptoQuant community analyst Maartunn on Wednesday shows, the Bitcoin Aggregated Open Interest was sharply climbing.

Bitcoin Open Interest
The data of the BTC Open Interest from a couple of days back | Source: @JA_Maartun on X

The “Aggregated Open Interest” here naturally refers to an indicator that keeps track of the total amount of derivatives positions related to BTC that are open on all centralized exchanges.

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The speculators haven’t been dissuaded by the latest liquidations, either, as Maartunn has today pointed out a sharp jump in the Bitcoin Open Interest on cryptocurrency exchange ByBit.

Bitcoin Bybit OI
The value of the metric appears to have shot up on ByBit | Source: @JA_Maartun on X
Featured image from Dall-E, CoinGlass.com, charts from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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