{"id":639861,"date":"2024-09-05T08:00:22","date_gmt":"2024-09-05T08:00:22","guid":{"rendered":"https:\/\/uniquehot.com\/?p=639861"},"modified":"2024-09-04T15:57:32","modified_gmt":"2024-09-04T15:57:32","slug":"crypto-longs-bitcoin-plunges-under-57000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/crypto-longs-bitcoin-plunges-under-57000\/","title":{"rendered":"$170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000"},"content":{"rendered":"

Data shows the crypto derivatives market has suffered a lot of liquidations in the past day as Bitcoin and others have plummeted.<\/p>\n

Bitcoin Has Declined More Than 3% In The Last 24 Hours<\/h2>\n

Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to the $56,600 level. The chart below shows what the asset’s latest performance has looked like.<\/p>\n

\"Bitcoin
The price of the coin appears to have taken a hit during the last 24 hours | Source: BTCUSD on TradingView<\/a><\/figcaption><\/figure>\n

During this plunge, Bitcoin briefly went down to the $55,600 level for the first time since the first-third of August. Despite the coin’s rebound, its price has been down more than 3% over the last 24 hours.<\/p>\n

Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal<\/a><\/div>\n

The rest of the crypto market has also not been spared, with the altcoins<\/a> seeing similar or worse returns than the original digital asset. Given this latest market volatility, it would be expected that the derivatives side would have seen a shakeup.<\/p>\n

Crypto Derivatives Market Has Just Witnessed High Liquidations<\/h2>\n

According to data from CoinGlass<\/a>, the crypto derivatives market has registered a high amount of liquidations<\/a> in the last 24 hours. A contract is said to be “liquidated” when its exchange has to forcibly shut it down due to it amassing losses of a certain degree (the exact percentage of which may differ between platforms).<\/p>\n

Below is a table that breaks down the latest liquidation data for the sector.<\/p>\n

\"Bitcoin
The liquidations in the past day appear to have been long-heavy | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

As is visible, the crypto derivatives market has seen $200 million in liquidations during the past day. Almost $170 million of the flush involved the long<\/a> side, representing 85% of the total.<\/p>\n

The liquidations being so lopsided towards these investors betting on a bullish outcome is naturally because the sector as a whole has plunged in this window.<\/p>\n

Bitcoin has topped the charts regarding the individual share of the liquidations, with $55 million in contracts related to the coin taking a beating.<\/p>\n

\"Bitcoin
The distribution of the liquidations by symbol | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

Ethereum (ETH), the second largest crypto by market cap, hasn’t been far, though, as it has seen over $50 million in liquidations. Solana (SOL) has seen the most liquidations at under $13 million.<\/p>\n

Related Reading: Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says<\/a><\/div>\n

The Bitcoin Open Interest, a measure of the number of positions related to the currently open asset, has seen a cooldown alongside this mass liquidation event, suggesting new speculators haven’t jumped in just yet.<\/p>\n

\"Bitcoin
Looks like the metric has gone down in recent days | Source: CoinGlass<\/a><\/figcaption><\/figure>\n

This trend could suggest that the market may have seen a healthy reset, leading to more stability for the asset’s price.<\/p>\n

Featured image from Dall-E, CoinGlass.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Data shows the crypto derivatives market has suffered a lot of liquidations in the past day as Bitcoin and others have plummeted. Bitcoin Has Declined More Than 3% In The Last 24 Hours Bitcoin has continued its recent bearish momentum in the past day as its price has observed a further plunge, coming down to the $56,600 level. The chart below shows what the asset’s latest performance has looked like. During this plunge, Bitcoin briefly went down to the $55,600 level for the first time since the first-third of August. Despite the coin’s rebound, its price has been down more than 3% over the last 24 hours. Related Reading: Bitcoin Investors Beware: MVRV Has Given Bear Market Signal The rest of the crypto market has also not been spared, with the altcoins seeing similar or worse returns than the original digital asset. Given this latest market volatility, it would be expected that the derivatives side would have seen a shakeup. Crypto Derivatives Market Has Just Witnessed High Liquidations According to data from CoinGlass, the crypto derivatives market has registered a high amount of liquidations in the last 24 hours. A contract is said to be “liquidated” when its exchange has to forcibly shut it down due to it amassing losses of a certain degree (the exact percentage of which may differ between platforms). Below is a table that breaks down the latest liquidation data for the sector. As is visible, the crypto derivatives market has seen $200 million in liquidations during the past day. Almost $170 million of the flush involved the long side, representing 85% of the total. The liquidations being so lopsided towards these investors betting on a bullish outcome is naturally because the sector as a whole has plunged in this window. Bitcoin has topped the charts regarding the individual share of the liquidations, with $55 million in contracts related to the coin taking a beating. Ethereum (ETH), the second largest crypto by market cap, hasn’t been far, though, as it has seen over $50 million in liquidations. Solana (SOL) has seen the most liquidations at under $13 million. Related Reading: Bitcoin Could Drop To $40,600 If This Happens, Crypto Analyst Says The Bitcoin Open Interest, a measure of the number of positions related to the currently open asset, has seen a cooldown alongside this mass liquidation event, suggesting new speculators haven’t jumped in just yet. This trend could suggest that the market may have seen a healthy reset, leading to more stability for the asset’s price. Featured image from Dall-E, CoinGlass.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":639873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,84332,84546,87457,1119,85578,89791],"class_list":["post-639861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-liquidations","tag-bitcoin-longs","tag-bitcoin-plunge","tag-btc","tag-crypto-liquidations","tag-crypto-longs"],"acf":[],"yoast_head":"\n$170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000<\/title>\n<meta name=\"description\" content=\"Data shows the crypto derivatives market has suffered a high amount of liquidations in the past day as Bitcoin and others have plummeted.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"$170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000","url":"http:\/\/uniquehot.com\/bitcoin-news\/crypto-longs-bitcoin-plunges-under-57000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/bitcoin-news\/crypto-longs-bitcoin-plunges-under-57000\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_a621d1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_a621d1.png?fit=1792%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin liquidations","bitcoin longs","bitcoin plunge","btc","crypto liquidations","crypto longs"],"dateCreated":"2024-09-05T08:00:22Z","datePublished":"2024-09-05T08:00:22Z","dateModified":"2024-09-05T08:00:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$170 Million In Crypto Longs Bite The Dust As Bitcoin Plunges Under $57,000\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/crypto-longs-bitcoin-plunges-under-57000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/bitcoin-news\\\/crypto-longs-bitcoin-plunges-under-57000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_a621d1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/09\\\/btc_a621d1.png?fit=1792%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin liquidations\",\"bitcoin longs\",\"bitcoin plunge\",\"btc\",\"crypto liquidations\",\"crypto longs\"],\"dateCreated\":\"2024-09-05T08:00:22Z\",\"datePublished\":\"2024-09-05T08:00:22Z\",\"dateModified\":\"2024-09-05T08:00:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/09\/btc_a621d1.png?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639861"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=639861"}],"version-history":[{"count":4,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639861\/revisions"}],"predecessor-version":[{"id":639922,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/639861\/revisions\/639922"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/639873"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=639861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=639861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=639861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}