Hassan Maishera
TL;DR
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Long traders endured massive losses on Tuesday as Bitcoin retraced some of its earlier gains.
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BTC shortly dipped below $69k after losing nearly 3% of its value on Tuesday.
BTC Dips to $69k as Traders Sustain Losses
Bitcoin, the world’s leading cryptocurrency by market cap, recorded a loss on Tuesday following an excellent start to the week. BTC surged past the $72k mark earlier this week, the first time it was trading above that level since March.
However, the gain was short-lived as Bitcoin lost nearly 3% of its value on Tuesday to drop below $69k. It has slightly recovered and is now trading at $69,290 per coin.
The bearish performance resulted in long traders losing $175 million of their trading capital on Tuesday. The losses were longs betting on prices to rise. According to the data obtained from CoinGlass, the liquidation on Tuesday was the largest daily leveraged long flush in a week, indicating that leveraged traders didn’t expect the dip.
Ether, the second-largest cryptocurrency by market cap, also suffered huge losses. It is down by 4% in the last 24 hours and is currently trading at $3,535 per coin.
All the cryptocurrencies in the top 20 list, with the exception of Tron’s TRX are in the red zone, losing more than 3% of their values in the last few hours. With the market recording losses, the total market cap has dropped to $2.6 trillion, down by 2.8%.
