The post $110M Crypto Longs Erased As Bitcoin Retraces From $68,000 appeared on BitcoinEthereumNews.com.

Data shows that the crypto derivatives market has seen high long liquidations in the past day, as Bitcoin tumbled after its recovery of $68,000. Bitcoin Has Been Going Through Some High Volatility Recently The past couple of weeks have seen Bitcoin show some sharp action, with its price significantly recovering from its lows of around $54,000. The past day had seen the cryptocurrency advance further in this rally, with BTC breaking past $68,000. Since this surge, though, the coin has seen a retrace, as it now trades around $66,800. The chart below shows what cryptocurrency’s recent performance has looked like. The price of the asset appears to have been going up over the last few days | Source: BTCUSD on TradingView Expectedly, the rest of the cryptocurrency sector has also shown some volatility following the lead of the number one Bitcoin. A consequence of this sharp price action across the market has been that the derivatives side has seen a shakeup. Crypto Derivatives Has Registered Large Liquidations Over The Past Day According to data from CoinGlass, the cryptocurrency derivatives sector has seen a high amount of liquidations during the last 24 hours. “Liquidation” here naturally refers to the forceful closure any open contract undergoes after it has amassed losses of a certain degree. Below is the data for the liquidations in the cryptocurrency market over the past day. Looks like a large amount of liquidations have occurred during this window | Source: CoinGlass As is visible, the market has seen the liquidation of almost $187 million in contracts during the last 24 hours. Out of these, $123 million has come from the long contracts. This represents around two-thirds of the total liquidations. The actual returns in the past day haven’t been that negative during the past 24 hours, so the…

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Filed under: News - @ July 23, 2024 9:22 am