![Bitcoin drop triggers over $100M in crypto market liquidations in the past 24 hours](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2023/11/bitcoin-drops.jpg&w=70&h=37&q=75)
Quick Take
The recent drop in Bitcoin, breaking below the $37,000 level, has resulted in a wave of liquidations across the crypto market, surpassing $100M. Among the major digital assets, Ethereum faced a significant hit with $15M in liquidations, while Bitcoin followed closely with $13M, primarily due to long positions liquidated.
![Liquidation heatmap: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/lle-1.png)
Market leader in crypto exchanges, Binance, bore the brunt of these liquidations, accounting for over half of the total amount, approximately $50M. This indicates the high volatility inherent in the market and the risks associated with leveraged positions.
Significantly, a large amount of leverage is currently clustered in the $36,000 to $37,000 range. This concentration suggests that further price fluctuations within this band could trigger additional significant liquidations, adding to market volatility.
![Liquidation Map: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2023/11/lle.png)