Major cryptocurrencies took a tumble on Tuesday evening after the price of BTC corrected by 7% following a rally to a new all-time high of $69,324 at the Coinbase exchange.
What Happened: Bitcoin plummeted by $5,000 on March 5, triggering widespread volatility in the market.
This reaction came on the heels of Bitcoin reaching a historic all-time high, a moment that bullish investors had been anticipating since November 2021.
The rise in Bitcoin’s value was largely catalyzed by the approval of Bitcoin ETFs in January, propelling it beyond the previous November 2021 peak.
Data from CoinGlass reveals that in the last 24 hours, over $884 million in long positions were liquidated, impacting a total of 311,448 traders and resulting in a combined liquidation value of $1.15 billion.
The most significant single liquidation order, amounting to $9.00 million, took place on Bitmex XBT-USD. Specifically focusing on BTC, long positions worth $250 million faced liquidation, while ETH experienced liquidations totaling over $209 million.
Top Gainer (24 Hour)
The global cryptocurrency market cap now stands at $2.35 trillion, showing a 7.04% decrease in the past 24 hours.
Stocks declined for the second consecutive session on Tuesday, with drops in prominent tech companies such as Apple contributing to a further retreat.
The Nasdaq Composite experienced a ...