$1.66 billion worth of Bitcoin has been liquidated in one day, with the top cryptocurrency collapsing to $33K

A total of over $ 1.66 billion worth of Bitcoin were liquidated in one day when the Bitcoin price dropped to $ 33,000. At press time, Bitcoin is trading around $ 35,575, recording a 13% drop over the past 24 hours. Elsewhere, according to Bybt, more than $ 2.4 billion Bitcoin, Ethereum, XRP, and other coins have been liquidated on derivative exchanges.

1-66-billion-worth-of-bitcoin-has-been-liquidated-in-one-day

Source: Bybt

$ 1.66 billion worth of Bitcoin has been liquidated in one day, with the top cryptocurrency collapsing to $ 33K

This happened after Bitcoin t collapsed to a one-week low of $ 33,447 at 3:38 UTC on the Bitstamp exchange. Bitcoin is down 20.5% from an all-time high of $ 42,000 it hit Jan. 8.

The altcoin took an even bigger blow, with Ethereum plummeting to $ 1,010 after failing to topple its all-time high of $ 1,448.

Long positions account for 88.42% of the wipeout ($ 2.16 billion). Only $ 282.63 million worth of shorts got liquidated during the most successful 24 hours for the bears in 2021. Binance has the highest liquidation volume ($ 903.31 million), followed by Huobi ($ 523.53 million) and Bybit ($ 494.55 million).

While BitMEX accounted for only $ 132.11 million of long contracts liquidated, its traders recorded the largest one-off loss with a whopping $ 10 million.

With hopes of analysts’ continued upward dynamics now suspended, analysts are trying to cope with the recent violent move. The parabolic uptrend is not violated while it is not excluded that this could be the start of a much steeper correction. Hence, we need to determine if this is the start of a larger correction.

You can see the BTC price here.

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