Crypto Bulls Rack up $580M Liquidations as Bitcoin Drops 8%, Ether, Solana, Dogecoin Plunge
What triggered the recent 8% drop in Bitcoin's value?
The recent 8% drop in Bitcoin's value was triggered by several factors, including the release of minutes from the Federal Reserve's last meeting, which suggested future interest rate increases might be necessary. This negatively impacted risk sentiment and caused a drop in Bitcoin's value. Additionally, there are theories that Elon Musk's aerospace company, SpaceX, selling its Bitcoin holdings contributed to the decline.
How much did Ether, Solana, and Dogecoin plunge?
Ether dropped more than 10%, Solana's SOL fell 8%, and Dogecoin dived nearly 18%. This caused over $580 million in liquidations tied to longs, or bets on higher prices, in one of the largest such events so far this year3.
What was the value of the largest single liquidation on Binance?
The largest single liquidation order on Binance was an ETH trade valued at $18.4 million. This occurred as crypto majors plunged, causing over $580 million in liquidations tied to longs, or bets on higher prices. Bullish bets on bitcoin and ether together recorded over $380 million in losses.