$150 Million in Liquidations as BTC Dumps to Monthly Lows

With bitcoin sliding further below the $30,000 line, the value of liquidated positions has increased to almost $150 million on a daily scale.

As expected, most were from long positions, with the largest one taking place on OKX.

• It was less than two weeks ago when the primary cryptocurrency was riding high following Ripple’s partial court victory against the SEC. BTC, along with the rest of the market, soared to new multi-year peaks.
• However, the market failed to maintain its run, and BTC slipped back down to a tight range between $30,000 and $30,500.
• The asset dipped below the round-numbered milestone during the weekend before the bears pushed it further south today.
• This time, the nosedive took bitcoin all the way down to $29,000, which became its lowest price point since the leg up on June 21, which came after BlackRock filed for a spot BTC ETF.
• Most larger-cap altcoins have suffered just as badly, if not worse, than BTC. XRP has lost almost 7% of value in a day and sits below $0.7. More losses come from the likes of LINK, XLM, ICP, TONCOIN, and others.
• In fact, Dogecoin is the only cryptocurrency in the green today, perhaps fueled by the developments at Twitter.
• This enhanced volatility has harmed over-leveraged traders, as the total number of liquidated ones has skyrocketed to over 50,000.
• The total value of wrecked positions is just shy of $150 million, with over 90% being from long ones. The largest single liquidated position was on OKX, it involved BTC and was worth more than $2.5 million.