During bitcoin’s latest attempt, the reversal was swift as the price tumbled from $86,615 to $85,503 in less than 20 minutes. As of 1:05 p.m. EST, the cryptocurrency had fallen further to trade just above $85,200, leaving its market capitalization virtually unchanged from 24 hours earlier at $1.71 trillion.
The volatile price action resulted in over $109 million in leveraged bitcoin positions being wiped out. Coinglass data shows liquidated short positions accounted for the lion’s share of the liquidations at $62 million, compared to $47 million in long bets. Across the broader cryptocurrency market, short liquidations totaled $122 million, while long liquidations reached nearly $116 million.
