Summary
Bitcoin experienced a sudden drop after hitting an all-time high, triggering over $300 million in liquidations. Ethereum, Solana, and Dogecoin also saw significant liquidations. Long positions were hit the hardest, except for Solana which had an even split between long and short liquidations.
Key Points
1. Bitcoin experienced a sudden plunge on Thursday, triggering nearly $300 million worth of BTC-specific liquidations in 24 hours and over $800 million worth of liquidations across the broader crypto market.
2. The dip in Bitcoin’s price was unexpected by many traders who had bet hundreds of millions of dollars on the coin continuing to go up in price amidst its record-breaking rally in the last couple of weeks.
3. In addition to Bitcoin, other cryptocurrencies like Ethereum, Solana, and Dogecoin also saw significant liquidations following the sudden price dip, with millions of dollars worth of long and short positions being liquidated.