$150 Million in Liquidations as BTC Dumps to Monthly Lows

With bitcoin sliding below the $30,000 line, the value of liquidated positions increased to nearly $150 million on a daily basis.

As expected, most came from long positions, with the largest occurring in OKX.

• It was less than two weeks ago when the leading cryptocurrency was climbing higher after Ripple’s partial court victory against the SEC. BTC, along with the rest of the market, rose to new multi-year peaks.
• However, the market failed to maintain its momentum, and BTC fell back to a tight range between $30,000 and $30,500.
• The asset dipped below the round-numbered milestone over the weekend before bears pushed it south today.
• This time, the nosedive took bitcoin up to $29,000, which became the lowest price point since the leg up on June 21, which came after BlackRock filed for a spot BTC ETF.
• Most large cap altcoins have suffered as badly, if not worse, than BTC. XRP lost almost 7% of its value in one day and is below $0.7. More losses from the likes of LINK, XLM, ICP, TONCOIN, etc.
• In fact, Dogecoin is the only cryptocurrency in the green today, perhaps inspired by developments on Twitter.
• This increased volatility hurt over-leveraged traders, as the total number of liquidated ones rose to over 50,000.
• The total value of the destroyed positions is just shy of $150 million, with over 90% from the top. The largest single liquidated position is on OKX, it includes BTC and is worth more than $2.5 million.