Nearly $600 Million in Crypto Longs Liquidated as Bitcoin and Ethereum Fall to August Lows - Yahoo Finance
Crypto traders lost $599 million over the past 24 hours as Bitcoin and Ethereum fell to their lowest levels in nearly three months.
Long positions accounted for 88% of $680.81 million in total crypto liquidations, according to Coinglass data. The market turmoil came as Bitcoin traded at $70,834 and Ethereum at $2,007.04, both reaching their lowest levels since August 20.
Bitcoin Absorbs Most Liquidations
Bitcoin positions represented $325.28 million of the total liquidations, with longs making up 95.3% of those losses. Ethereum followed with $106.07 million in liquidations, where 89.7% came from long bets. In total, 112,947 traders were liquidated, with the largest single order being a $31.09 million Bitcoin long on Hyperliquid.
Market Factors and Next Steps
A softer print could ease those bets before the Fed meets on December 8 and 9.
Bitcoin lost its 200-day moving average of $73,137 on Thursday, with next potential support levels at $68,000 and $67,000. The Bureau of Labor Statistics will release October's Producer Price Index on Friday at 8:30 a.m. ET, with economists expecting a 0.4% monthly rise. A hotter reading could strengthen the case for a half-point Fed rate hike, currently priced at 14.5% probability.
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