As Bitcoin soared to an unprecedented high of $108,200, excitement was palpable among traders, yet little did they anticipate the swift twist that lay ahead. Just days later, the market learned a harsh lesson in volatility as the cryptocurrency plummeted to $95,000, unraveling over $540 million in long positions. But what precisely sparked this rapid descent, turning a mere correction into a swift downturn? Untangling the web of leveraged positions... the full depth of this unraveling awaits.
Bitcoin tumbled to $95k after $540 million in long liquidations Bitcoin tumbled to $95k after $540 million in long liquidations
Long liquidations highlight the peril of overleveraged trading as Bitcoin's rapid decline shatters key support levels.
3 min read
Updated: Dec. 24, 2024 at 1:34 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Featured Story
Advertise Here
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.
