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Crypto Liquidations Hit $1.1B After Bitcoin Briefly Dipped to $93k on Thursday

Twitter icon  •  Published 1 year ago on December 6, 2024  •  Hassan Maishera

The cryptocurrency market recorded its largest liquidation since December 2021, with $1.1 billion worth of leveraged positions wiped from the market after Bitcoin dipped to $93k.

Crypto Liquidations Hit $1.1B After Bitcoin Briefly Dipped to $93k on Thursday

TL;DR

  • Crypto traders lost roughly $1.1 billion on Thursday following Bitcoin’s flash dump.

  • Bitcoin dropped from $100k to $93,900 on Thursday but has slightly recovered and now trades above $97k.

Crypto Traders Lost $1.1B Following Bitcoin’s Flash Dump

The cryptocurrency price action on Thursday was a wild one, with Bitcoin dropping below $94k a few hours after reaching a new all-time high of $103,900. 

After hitting the $103k mark, Bitcoin settled around $100k for most of Thursday before experiencing a 7% dip in price that saw it reach a daily low of $93,900 per coin. The price has since recovered, and Bitcoin now trades above $97,600 per coin.

However, the wild price action saw the crypto market experience over $1.1 billion in liquidations across centralized exchanges in the past 24 hours. Data obtained from Coinglass revealed that this was the largest daily crypto liquidation since December 2021. About $815 million came from long positions and $280 million from short. 

While Bitcoin is still in the red, several altcoins are performing excellently. Ether, the second-largest cryptocurrency by market cap, added 2% to its value and now trades at $3,912 per coin.

Solana’s SOL is the best performer amongst the top 10 cryptocurrencies by market cap, up 3.5%. XRP, BNB, Cardano (ADA), and Tron (TRX) are all up by 1% or more in the last 24 hours.

 

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Author

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Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.

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