Bitcoin loses ground, plunges below $42,000 amidst $470 million market liquidation 
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.
Analyst 
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century's paramount invention.
In this insight
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.