Bitcoin, Ether and XRP Slide as $550 Million in Positions Liquidate

Bitcoin (BTC), Ether (ETH) and XRP fell Wednesday as about $550.3 million in cryptocurrency derivatives positions were liquidated over 24 hours, adding selling pressure across major digital assets.

Long positions accounted for roughly $479.6 million of the forced closures, showing that traders betting on higher prices absorbed most of the losses. Liquidations occur when leveraged positions are forcibly closed after losses push a trader’s margin below required levels.

Bitcoin briefly fell below $84,000 after retreating from the $87,000 area. At about 7:03 a.m. ET (11:03 UTC), Bitcoin traded near $84,055, Ether changed hands around $2,616 and XRP traded near $1.47.

Bitcoin’s decline followed a rally from roughly $64,000 in early August to about $85,000. The asset remained below its prior record high as traders assessed whether the $84,000 area would hold as near-term support.