Options traders are facing significant losses as Bitcoin suddenly drops below $57,000 and altcoins follow suit. According to Coinglass, over $379 million in liquidations occurred in the last 24 hours, with nearly 90% of them coming from leveraged long positions. The largest liquidations were seen on Binance, OKX, Huobi, and Bybit.
During this time period, $115.59 million worth of Bitcoin was liquidated, along with $100.76 million worth of Ethereum. Other digital assets that saw large liquidations include Solana, Dogecoin, Toncoin, Worldcoin, and BNB. In total, 131,492 traders were liquidated in the past day, with the largest single liquidation order occurring on Binance in the ETH/USDT pair.
Bitcoin’s price fluctuated from a high of $60,584 to a low of $56,836 in the last 24 hours, currently trading at $57,369, down nearly 5% from the previous day. Ethereum is trading at $3,121 at the time of writing. Traders are advised to stay informed with the latest updates by subscribing to email alerts and following social media channels.
In conclusion, the cryptocurrency market has experienced a significant downturn, leading to widespread liquidations among options traders. Bitcoin’s sudden drop below $57,000 has sparked panic selling and heavy losses for leveraged long positions. Major exchanges like Binance, OKX, Huobi, and Bybit have seen millions of dollars in liquidations, with Bitcoin and Ethereum being the most affected assets. Traders should remain cautious and stay informed about market developments to navigate this volatile period effectively.
