Over $489M in Crypto Longs Liquidated as Bitcoin, Ethereum Extend Losses
Bitcoin extended its retreat from record highs on Tuesday, triggering a liquidation event that wiped out nearly $500 million in leveraged long positions and underscoring the volatile underpinnings of the recent rally.
At time of publication, Bitcoin’s price is down 1.2% over the past 24 hours and nearly 3% from its $126,080 record high set on Monday, according to CoinGecko data. Ethereum’s losses outpaced those of Bitcoin, with ETH trading down 4.6% on the day, at $4,492.
The market correction forced the closure of over $635 million in total leveraged crypto positions across exchanges in the past day, of which $489 million were long positions. Ethereum longs bore the brunt of the downturn, at $142 million, surpassing Bitcoin’s…
