Bitcoin Plunges to 2022 Low, $1.3B in Crypto Liquidations

Bitcoin's price plummeted to a three-month low on Tuesday, as market volatility triggered over $1.3 billion in liquidations across various cryptocurrencies. The flagship digital asset fell by more than 6% in the past 24 hours, reaching a low of $88,273, its lowest point this year.

The market downturn was not isolated to Bitcoin, with other major digital assets such as Ethereum, BNB, Solana, Cardano, and XRP also experiencing significant declines. The broader crypto market fell by approximately 8% in the past day, dropping from over $3.31 trillion to around $2.9 trillion.

The market's volatility led to significant liquidations totaling $1.3 billion over the last 24 hours. This affected more than 362,000 traders, with long traders who bet on price increases losing a massive $1.2 billion. In contrast, short traders who expected further declines lost $97 million.

Bitcoin traders were hit hardest, suffering losses of $523 million. Ethereum traders saw losses amounting to $292 million, while Solana and XRP traders faced losses of $111 million and $56 million, respectively.