Bitcoin and Ethereum's Drop Liquidated Millions of Dollars' Worth of Long Positions! Here Are the Details

Cryptocurrency markets have experienced a wave of turbulence over the past 24 hours, leading to liquidations exceeding $520 million as Bitcoin and Ethereum faced sharp price swings.

Crypto Market Sees Over $520 Million in Liquidations Amid Rising Volatility

Data from Coinglass revealed that around 186,000 investors were liquidated, with total liquidations on centralized exchanges amounting to $524.8 million.

Bitcoin (BTC) led the liquidations by closing out over $142.5 million worth of positions, $101 million of which were long positions. Ether (ETH) also saw significant liquidations totaling $89.9 million, $49.2 million of which were long positions.

Liquidations occur when investors' positions are forced to close due to insufficient margin to cover losses during high market volatility.

Bitcoin is down 2.26% over the past 24 hours, trading at $92,500 at the time of writing. This follows a brief surge earlier in the week when BTC surpassed the $100,000 mark, fueled by optimism over the new administration’s pro-crypto policies.

Ether fell 0.85% to $3,208, extending losses after a double-digit drop the previous day.

The volatility comes at a time of heightened market activity and investor sentiment, with analysts suggesting that recent macroeconomic developments and regulatory expectations could contribute to the volatility.

Market watchers will continue to monitor the effects of heightened volatility and urge investors to exercise caution amid uncertain conditions.

*This is not investment advice.