Bitcoin Plunge Wipes Out $526 Million, Largest Liquidations Since July

Oct 2, 2024, 08:08 AM

A sharp decline in Bitcoin's price has resulted in significant liquidations across the cryptocurrency market, with total liquidations amounting to $554.67 million in the past 24 hours. More than 165,360 traders saw their positions liquidated, marking the largest liquidation event since July. Traders lost approximately $122 million on Bitcoin and nearly $100 million on Ethereum positions, with $526 million in leveraged Bitcoin positions wiped out. The market correction led to substantial losses for short-term holders, who have sent $3 billion worth of Bitcoin to exchanges at a loss over the past two days.