More than $1.4 billion in liquidations as Bitcoin (BTC) slips through $6,000 in hours

Bitcoin’s latest price rejection of the coveted $100,000 mark has pushed the asset hard south, dropping about six thousand in hours.

Altcoins followed suit with massive losses for most of them, including double-digit price drops for WIF, TIA, FIL, APT, LTC and others.

Bitcoin/Price/Chart 9.12.2024. Source: TradingView

Shortly after CryptoPotato’s Market Watch from the morning, BTC went on the offensive and jumped above $100,000. However, this was short-lived and the asset plunged below almost immediately.

It lost a few thousand and settled down to $98,000 in the next few hours before the bears were able to take complete control of the market a few minutes ago and drove a huge leg down.

In it, the price of BTC fell four thousand in an hour or so and fell to a multi-day low of $94,300 (on Bitstamp). It managed to bounce back immediately and is now near $97,000, but the outlook is quite worrying for over-leveraged traders.

Data from CoinGlass shows that the total value of positions destroyed in the past 24 hours has soared to nearly $1.5 billion. Also, the number is approaching $900 million in the last hour alone. More than 500,000 market participants have been destroyed in the last day.

Liquidation heat map. Source: CoinGlass

Altcoins have faced similar volatility, with numerous massive losers over the past 24 hours, as mentioned above. In fact, the largest position destroyed involved ETH and was worth almost $20 million.

The total crypto market cap fell from $3.750 trillion to less than $3.5 trillion before regaining some ground to $3.610 trillion at press time.

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