Bitcoin, Ether Fall Below Key Levels as Liquidations Top $500M
More than 120,000 traders were liquidated over 24 hours, with total losses reaching $505.44 million.
Bitcoin (BTC) fell below $84,000 and Ether (ETH) dropped under $2,650 on Sept. 23 as a sharp crypto-market pullback triggered more than $500 million in liquidations over 24 hours.
A total of 120,809 traders were liquidated during the period, with losses reaching $505.44 million. Liquidations occur when exchanges forcibly close leveraged positions after traders can no longer meet margin requirements.
The largest single liquidation was a $10.04 million long position in the ETHUSDT market on Binance. A long position benefits from rising prices, so the decline put those traders under pressure.
The moves pushed both of the largest crypto assets below the price levels highlighted in the market’s latest retreat, while the broader altcoin market also weakened.
