Bitcoin Dropped to $59k with $1.183 Billion Liquidation Over the Past 24 hours

Bitcoin and BTCUSDT chart

Recent data from Binance highlights significant fluctuations in Bitcoin’s price over the past few hours. After briefly plummeting to $59,005, Bitcoin has since rebounded to $66,564. The heightened volatility has led to substantial liquidations across the network, totaling $1.183 billion in the last 24 hours. Long positions accounted for $892 million of liquidations, while short positions amounted to $291 million. Notably, a staggering 319,000 individuals were liquidated during this period. Moreover, the BitVol (Bitcoin Volatility) Index surged to 78.81, nearing its one-year high of 79.92 recorded on March 4.

A Tumultuous Picture

Bitcoin is currently trading at $66,564. However, Binance’s latest data presents a tumultuous picture of Bitcoin’s recent price movements. Within the span of just four hours, Bitcoin experienced a notable downturn, hitting a low of $59,005. However, the cryptocurrency swiftly recovered and is currently trading at $63,675, indicating a volatile market sentiment.

BTC 5-day chart

$1.183 Billion Liquidation in the past 24 hours

The intensified volatility has triggered significant liquidations across the network, totaling a substantial $1.183 billion over the past 24 hours. Long positions bore the brunt of the liquidations, with $892 million being liquidated, while short positions accounted for $291 million. This resulted in a significant number of individuals, totaling 319,000, being liquidated from their positions.

Bitcoin volatility chart

Furthermore, the BitVol (Bitcoin Volatility) Index, a metric used to gauge the volatility of Bitcoin’s price, witnessed a sharp increase. Yesterday, the index rose to 78.81, coming close to its one-year high of 79.92, which was recorded on March 4. This surge in volatility underscores the unpredictable nature of Bitcoin’s price movements in recent times.

Author: Jinka

Jinka is a self-trained crypto journalist, passionate about happenings in the industry.