$150 million liquidated as BTC hits monthly low

With bitcoin slipping below the $30,000 line, the value of liquidated positions has risen to nearly $150 million on a daily scale.

As expected, most were from long positions, the largest of which were on OKEx.

• It was less than two weeks ago when the primary cryptocurrency was trading higher following Ripple’s partial court victory against the SEC. BTC, along with the rest of the market, reached new multi-year highs.
• However, the market failed to hold its gains, and BTC slipped back to a narrow range between $30,000 and $30,500.
• The asset fell below the round-number milestone during the weekend before bears pushed it further south today.
• This time, the decline brought bitcoin down to $29,000, its lowest price point since its June 21 debut, which came after BlackRock filed for the Spot BTC ETF.
• Most large-cap altcoins have suffered just as badly as BTC, if not worse. The value of XRP has decreased by almost 7% in a day and has come down below $0.7. More losses come from LINK, XLM, ICP, TONCOIN and others.
• In fact, Dogecoin is the only cryptocurrency in the green today, perhaps inspired by Twitter’s development.
• it has increased volatility harmed Highly leveraged traders, as the total number of liquidated traders exceeds 50,000.
• The total value of deleted positions is slightly less than $150 million, with over 90% being long. The largest single liquidated position was on OKEx, involving BTC and worth over $2.5 million.

With bitcoin slipping below the $30,000 line, the value of liquidated positions has risen to nearly $150 million on a daily scale.

As expected, most were from long positions, the largest of which were on OKEx.

• It was less than two weeks ago when the primary cryptocurrency was trading higher following Ripple’s partial court victory against the SEC. BTC, along with the rest of the market, reached new multi-year highs.
• However, the market failed to hold its gains, and BTC slipped back to a narrow range between $30,000 and $30,500.
• The asset fell below the round-number milestone during the weekend before bears pushed it further south today.
• This time, the decline brought bitcoin down to $29,000, its lowest price point since its June 21 debut, which came after BlackRock filed for the Spot BTC ETF.
• Most large-cap altcoins have suffered just as badly as BTC, if not worse. The value of XRP has decreased by almost 7% in a day and has come down below $0.7. More losses come from LINK, XLM, ICP, TONCOIN and others.
• In fact, Dogecoin is the only cryptocurrency in the green today, perhaps inspired by Twitter’s development.
• it has increased volatility harmed Highly leveraged traders, as the total number of liquidated traders exceeds 50,000.
• The total value of deleted positions is slightly less than $150 million, with over 90% being long. The largest single liquidated position was on OKEx, involving BTC and worth over $2.5 million.