Bitcoin Price Fluctuations Lead To $360 Million In Liquidations.

10x Research stated that some significant liquidations were driven by traders expecting a price correction, while others occurred due to the fear of missing out (FOMO) on further increases in Bitcoin's value.

After reaching a record high of $73,050 on March 12th, Bitcoin fell below $70,000, triggering over $361 million in liquidations in the past 24 hours.

According to data from the crypto analysis platform Coinglass, this price volatility primarily led to significant losses in long positions (investors anticipating price increases), resulting in approximately $258 million in losses. On the other hand, investors aiming to profit from price declines by taking short positions experienced losses of around $103 million.

This event marked the largest liquidation wave since Bitcoin dropped to $60,800 on March 5th after hitting a previous all-time high of $69,000.

According to data, Bitcoin's price on March 12th fluctuated only by 4.85% between its lowest level of $69,365 and its highest of $72,733.

Since then, Bitcoin has risen to $71,400.

A spokesperson from 10x Research indicated that the increase in volatility likely stems from investors' anticipation of a price correction.

"There is also significant ongoing FOMO," the spokesperson added, suggesting this could mean the rally might continue.

10x Research noted that open positions in futures increased over the weekend (March 9 and 10), accompanied by suspicious stops, as the price rose by 5%.

The amount of liquidations in Bitcoin and Ethereum transactions over the last 24 hours was recorded at $106.3 million and $73.3 million, respectively.

Significant liquidations also occurred in other assets like Solana, Dogecoin, and the Bitcoin-based memecoin Ordi (ORDI).

The largest liquidation event occurred on the cryptocurrency exchange OKX, totaling $152 million, while Binance users suffered a total loss of $128.4 million.

According to a report by research firm S3 Partners, short sellers faced over $6 billion in losses during the first eleven months of 2023; during the same period, Bitcoin's value increased by 130%, reaching $37,800.

For the latest developments and news in the cryptocurrency markets, you can follow them in real-time on Kriptospot.com.