Traders in the crypto market are experiencing a rollercoaster ride as they use leverage to speculate on the price movements of Bitcoin.
Within the past 24 hours, a staggering $655 million worth of leveraged crypto bets have been liquidated, as reported by CoinGlass, a market data tracker.
These liquidations happened amidst the flurry of news surrounding President Trump’s interest in acquiring Greenland and imposing tariffs on EU countries that did not comply with his agenda.
The day kicked off with Bitcoin climbing from $88,224 to $90,295, resulting in the liquidation of more than $75 million in short positions.
However, Bitcoin quickly reversed its course, dropping back to $87,304 and causing the liquidation of approximately $145 million in long positions.
Following President Trump’s decision to cancel the impending EU tariffs, Bitcoin surged back up to $90,203, leading to the liquidation of over $200 million in short positions.
Overall, Bitcoin saw $96 million in long liquidations and $135 million in short liquidations within the last 24 hours. Ethereum followed closely behind, with $126 million in long liquidations and $120 million in short liquidations during the same period.
At the time of writing, Bitcoin is priced at $89,479, while Ethereum is valued at $2,988.
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Image Credit: Midjourney