Bitcoin’s market performance on Nov. 14 presented a notable shift, dipping below $35,000, marking a 9% decrease from its YTD high of just below $38,000. This aligns with a previously discussed premise on CryptoSlate that bull market periods may experience corrections of up to 20%, signifying a natural market adjustment.
However, a massive liquidation was recorded within the same 24-hour window with the depreciation. Over $120 million worth of Bitcoin got liquidated, dominated by a significant $264 million long liquidation in the total crypto market. Since August, this occurrence has been the largest of its kind, highlighting the volatility ingrained in the digital asset’s market landscape.
The OKX exchange platform was the main stage for these liquidations, accounting for a lion’s share of about $167 million.