Over $1.4 Billion in Liquidations as Bitcoin (BTC) Dumps by $6K in Hours

Bitcoin’s latest price rejection at the coveted $100,000 mark has pushed the asset south hard, dumping by about six grand in hours.

The altcoins followed suit with massive losses from most of them, including double-digit price declines from WIF, TIA, FIL, APT, LTC, and others.

Bitcoin/Price/Chart 9.12.2024. Source: TradingView

Shortly after CryptoPotato’s Market Watch from the morning, BTC actually went on the offensive and jumped above $100,000. However, that was short-lived, and the asset slumped below it almost immediately.

It lost a few grand and calmed at $98,000 in the following hours before the bears were able to take complete control of the market minutes ago and propelled a massive leg down.

In it, BTC’s price tumbled by four grand within an hour or so and dumped to a multi-day low of $94,300 (on Bitstamp). It managed to bounce off immediately and now sits close to $97,000, but the landscape is quite worrisome for over-leveraged traders.

Data from CoinGlass shows that the total value of wrecked positions in the past 24 hours has shot up to nearly $1.5 billion. Moreover, the number is close to $900 million in the last hour alone. More than 500,000 market participants have been wrecked in the past day.

Liquidation Heat Map. Source: CoinGlass

The altcoins faced similar volatility, with numerous massive losers over the past 24 hours, as mentioned above. In fact, the single-largest wrecked position involved ETH and was worth nearly $20 million.

The total crypto market cap went from $3.750 trillion to under $3.5 trillion before it recovered some ground at $3.610 trillion as of press time.