About $117 Million in Crypto Long Positions Liquidated as Prices Fall

A 24-hour tally put crypto long-position liquidations at about $117 million, describing forced exits from trades set to benefit from rising prices during the reporting period.

Long positions are structured to gain when an asset's price rises. Traders can use leverage to increase the size of such trades. When prices move against a leveraged position, a trading platform may close it automatically to cover losses. The forced closing is called a liquidation.

TokenPost previously covered a separate market correction that produced about $425 million in long liquidations over 24 hours, a larger total than this tally.

At 12:31 a.m. ET Monday (04:31 UTC), Bitcoin (BTC) traded at $79,840. Ether (ETH) was between $2,300 and $2,370.