Bitcoin Drops Under $116K – Longs Liquidated

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The sudden crypto market downturn saw 213,729 traders get liquidated for a total of nearly $600 million over the past 24 hours.

More than half a billion in long positions were liquidated across the crypto market on Friday as the price of Bitcoin slipped below $116,000 amid a broader market tumble.

According to CoinGlass data, $585.86 million in long positions were liquidated, with Bitcoin accounting for $140.06 million of that total as it dropped 2.63% to $115,356.

“Dump is a pure leverage flush,” says trader followed with $104.76 million in long liquidations, falling 1.33% to $3,598 over the same period.

Dogecoin led the losses among the top 10 cryptocurrencies by market capitalization, dropping 7% over the past 24 hours to $0.22 and wiping out $26 million in long positions, according to Nansen.


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