Bitcoin long liquidations have spiked to more than $30 million in the past 24 hours after a price correction saw the largest digital asset by market cap struggle to maintain its position above the $62,000 mark.
There was a total of $40 million in liquidated bitcoin positions in the past 24 hours. The wider cryptocurrency market was hit by over $145 million in liquidations in the same period. Of these combined crypto liquidations, the vast majority — around $121 million — were long positions, according to Coinglass data.
"The fourth halving was no exception, with the bitcoin price selling off by over 11%, and trading into the $57,000 region. This is the lowest price over the last two months, although the market has recovered to be flat since the halving date," Glassnode analysts said.