Bitcoin's $527M Crypto Bloodbath: Long Traders Bear Brunt

Bitcoin (BTC), the world's leading digital currency, has experienced significant price volatility in recent days, struggling to maintain stability above the psychological $100,000 level. This has resulted in a combined $527 million in crypto liquidations over the past 24 hours.

Data from CoinGlass reveals that Bitcoin's total liquidation was $161.96 million, with long position traders recording higher liquidations at $92.12 million compared to short position traders' $69.84 million. This indicates that traders betting long on Bitcoin suffered more as BTC failed to stay above $100,000.

The liquidation and price movements of Bitcoin have also impacted other altcoins. Major assets contributing to the total liquidation of $527 million include Ethereum (ETH), XRP, Dogecoin (DOGE), and Solana (SOL). Ethereum's total liquidation was $109.23, with long position traders suffering a loss of $57.47 million and short traders recording $51.76 million. XRP's liquidation of $29.22 million comprised $16.70 million from long position traders and $12.52 million from short positions. DOGE followed the pattern, with long position traders' liquidation of $15.34 million compared to $11.36 million for short-position traders, totaling $26.70 million. Solana recorded a liquidation imbalance with short-position traders' liquidation of $13.01 million and long position liquidation of $10.85 million, giving a total liquidation of $23.87 million.

As of this writing, Bitcoin is witnessing a rebound on the crypto market, trading at $98,835.08 after a 4.01% rally in 24 hours. However, Bitcoin's trading volume has dropped by 21.4% to $79.92 billion, indicating tempered sentiment. Real Vision CEO Raoul Pal recently advised the crypto community to brace for further price collapses before Bitcoin hits a new peak, suggesting that BTC could plunge to $70,000 but urging investors not to panic.