![Bitcoin loses ground, plunges below $42,000 amidst $470 million market liquidation](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/01/bitcoin-down.jpg&w=70&h=37&q=75)
Quick Take
Bitcoin’s current market performance is marked by a 7% dip, with the digital asset hitting a low of $41,500 after previously soaring above $45,000. Over the past 24 hours, the market has experienced significant liquidation, approximating $ 470 million, contributing to the digital asset’s downward trajectory. In the past hour alone, it has seen $320 million liquidated.
Bitcoin alone accounted for $100 million of the liquidated total, demonstrating its substantial influence within the broader digital asset market. Notably, long positions contributed to most of the liquidations, totaling approximately $433 million.
This suggests a bullish sentiment was prevalent among traders, who unexpectedly found themselves bearing the brunt of the sudden downturn.
![Total Liquidations: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/01/ll-1.png)