BTC Price Down 2%, Triggering Liquidation of Over $34M in Bitcoin Longs in Derivatives Shake-Up

On May 9, 2024, bitcoin’s value faced a decline, hitting an intraday low of $60,634 at approximately 7 a.m. EDT. The latest downturn has led to the liquidation of about $34.79 million in bitcoin long positions across various derivatives markets.

As Bitcoin’s Value Declines, Heavy Liquidations Follow

Bitcoin is facing challenges on Thursday, with its price declining 1.9% over the past 24 hours. However, despite this downturn, BTC has seen a 4.8% increase over the past week. Over the past month, though, statistics reveal a 12.4% decrease during the 30-day period. Concurrently, on May 9, BTC’s dominance stands at about 53% of the $2.27 trillion crypto economy.

BTC tapped an intraday low of $60,634 at approximately 7 a.m. EDT.

At press time, bitcoin’s market valuation is hovering around $1.2 trillion with around $24 billion in 24-hour trade volume. BTC’s top pair on Thursday is FDUSD as it captures 44% of BTC trades while USDT commands 33%. USD, USDC, and KRW follow those two stablecoins in terms of BTC’s most traded pairs over the last day.

Coinglass.com metrics indicate that the downturn in bitcoin’s value has caused a significant amount of long liquidations across derivatives crypto exchanges. $34.79 million in BTC longs were liquidated in 24 hours. On the other hand, during the past four hours, $7.85 million in BTC shorts were wiped out. Across the entire crypto economy, $134.34 million in both short and longs were liquidated during the day.

The day’s liquidation figures underscore the volatile nature of leveraged bitcoin trading, emphasizing the risks and rewards inherent in crypto derivatives markets. Moving forward, stakeholders will be closely monitoring bitcoin’s performance as it attempts to stabilize and regain its footing in a dynamic financial landscape. Meanwhile, the recent downturn has resulted in the liquidation of 61,321 crypto derivatives traders.

How would you assess the crypto liquidations over the last 24 hours? Share your thoughts and opinions about this subject in the comments section below.

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