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Over $1.22 Billion Liquidated After Bitcoin Drops Below $23,000

When Bitcoin fell below $23,000, the liquidations quickly increased.

By yesterday, liquidations had quickly surpassed $500 million. Before the end of the day, this number crossed the $1 billion threshold.

With the price fluctuating wildly, both long and short orders suffered a lot.

At the beginning of the day liquidation in the crypto market, although it appeared to have decreased, was actually just as bad.

This is because despite the capitalization dropping below $1 billion, the bitcoin price has yet to form any significant support, suggesting volatility will still be present. This means the liquidation will continue.

Currently, the liquidation figure is $907 million at press time. The majority of this was from long positions due to falling prices but short orders were no less competitive.

Coinglass notes that about 52% are from long positions, meaning the remaining 47% to 48% are from short positions.

Naturally, the majority of liquidation is from bitcoin. BTC has seen over $460 million in liquidations in the past 24 hours.

On the other hand, Ethereum has also seen positions liquidated with $294.72 million.

Altcoins like SOL, ADA, and BNB have also seen a rapid increase in liquidations over the past 24 hours. This speaks to the collapse that is shaking the entire market, although digital assets like Cardano are still holding up well.