Bitcoin’s sudden plunge below $30k triggers $176 million in liquidations Bitcoin’s sudden plunge below $30k triggers $176 million in liquidations
Bitcoin suddenly crashed below $30,000 after peaking at over $31,000 earlier today.
2 min read
Updated: Jun. 30, 2023 at 3:55 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bitcoin’s (BTC) price briefly reclaimed $31,000 earlier today before suddenly plunging below $30,000 in a sell-off that led to losses for traders who held positions in the market.
According to Coinglass data, the sudden price movement wiped off over $176 million who held positions in different digital assets in the last 24 hours.
Over $170 million liquidated
The crypto market saw $176.26 million liquidated in the past 24 hours, with more than 56,000 traders impacted by the market volatility.
Data from Coinglass showed that short traders lost $92.78 million, with Bitcoin and Ethereum accounting for over $46.22 million of these losses.
Meanwhile, long traders experienced $83.48 million in liquidations. The top two digital assets were responsible for more than $35.54 million of these losses.
Bitcoin Cash (BCH), which has enjoyed a surge in value since it was listed on EDX Markets on June 20, saw nearly $20 million in long and short traders’ liquidations, while Litecoin liquidated over $10 million.
Meanwhile, other assets such as Dogecoin, BNB, Chainlink, XRP, and Solana also recorded significant liquidations.
Across exchanges, most of the liquidations occurred on OKX, Binance, and ByBit. These three exchanges accounted for over 80% of the overall liquidations, with 55% being long positions.
The most significant liquidation occurred on ByBit– BTCUSD, valued at $4.57 million.
Sudden crash
According to CryptoSlate’s data, BTC suddenly crashed by 3.53% on the 1-hour candle to $29,946 at the time of writing. This sudden collapse coincided with a Wall Street Journal article that reported shortcomings in the spot Bitcoin ETF applications recently filed by BlackRock and Fidelity.
The sudden price movement bucks the flagship digital asset’s positive trend over the past month, which has seen it rise by 15% and peak at over $31,000.
During this period, the crypto industry witnessed a wave of institutional interest triggered by BlackRock’s June 15 Bitcoin Spot ETF application. Since then, several traditional financial institutions, including Fidelity and others, have applied as well.
Mentioned in this article
Bitcoin 
Ethereum 
Bitcoin Cash 
Solana 
Litecoin 
Dogecoin 
Binance 
Bybit 
OKX 
EDX Markets 
BlackRock 
Fidelity Investments Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,314.87
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Bitcoin Cash
$487.982
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
Solana
$245.178
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Litecoin
$93.6533
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Dogecoin
$0.40857
Dogecoin is a cryptocurrency created in December 2013 as a joke by software engineers Billy Markus and Jackson Palmer.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
EDX Markets
EDX Markets is a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm and others.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
