![Record highs, sharp drops, and rapid recovery trigger $1 billion market liquidation](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/03/btc-total-liquidations.jpg&w=70&h=37&q=75)
Quick Take
In an extraordinary 24-hour period, Bitcoin soared to a new all-time peak of around $69,200, then experienced a rapid sell-off, dropping the price to near $59,500. Following this tumultuous drop, Bitcoin has since rebounded and is now stabilizing at approximately $67,000.
![BTCUSD Bitstamp: (Source: Tradingview)](https://cryptoslate.com/wp-content/uploads/2024/03/price.png)
This precarious and sudden market volatility triggered a widespread liquidation event within the digital asset ecosystem, amounting to nearly $1.15 billion, according to CoinGlass.
![Total Liquidations: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/03/TL.png)
CoinGlass data shows the liquidations hit harder on longs, with approximately $875 million liquidated, in comparison to $250 million of shorts. Bitcoin, the leading digital asset, was at the center of this financial storm, witnessing liquidations of roughly $320 million; the majority ($245 million) of this figure represented longs. This incident marks the most significant long liquidation event in Bitcoin in the last half year.
![BTC Total Liquidations Chart: (Source: Coinglass)](https://cryptoslate.com/wp-content/uploads/2024/03/btc-1.png)
By the end of the turbulent day, Bitcoin had suffered a roughly 6.5% loss, its steepest one-day decline since Jan. 13 and the third most significant daily loss in the past 12 months.
![Daily Price Performance: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/03/dpp.png)