Bitcoin Crashes Over $10k, Over $1 Billion Liquidated
The cryptocurrency market has undergone a sharp correction after Bitcoin set an ATH at $103,680.
On the morning of December 6, Bitcoin price collapsed from $103,600 to $93,000 in the market sell-off.
The world's largest cryptocurrency even fell below $90,000 on OKX, while some other exchanges had candles touching $90,500, before the price recovered to $97,500 at the time of writing.
NEW: $BTC DROPPED BELOW $90K ON @okx DURING FLUSH pic.twitter.com/0iRK8jd1L3
— DEGEN NEWS (@DegenerateNews) December 5, 2024
The reason for the correction comes from a wave of liquidations in the derivatives market. According to CoinGlass data, in the last 4 hours, nearly 525 million USD worth of long-short orders were liquidated, with longs accounting for 89%. Combined with BTC's ATH increase on the morning of December 5, the total liquidation value of 24 hours was 1.05 billion USD, of which longs accounted for 74%.
This is also the first day that the total liquidation value of derivative orders exceeded the 1 billion USD mark since the flash crash in early August.
During the sell-off, a series of BTC long orders with a value of over 10 million USD were liquidated, mainly concentrated on OKX.
BREAKING: SEVERAL $10M+ $BTC LONGS LIQUIDATED pic.twitter.com/Nup5AfIc2f
— DEGEN NEWS (@DegenerateNews) December 5, 2024
The funding rates of many major coins have also dropped from their multi-month highs to normal levels.
Other major coins on the market were also strongly affected, with prices falling to the beginning of the week, but quickly regained what was lost.
Besides, there are still some names that "weathered the storm" and maintained impressive growth momentum in the past 24 hours such as SUI, SOL, WLD,...
