Hassan Maishera
TL;DR
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Crypto traders lost roughly $1.1 billion on Thursday following Bitcoin’s flash dump.
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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.
