On Tuesday, the cryptocurrency market experienced a sudden downturn in less than two hours, with Bitcoin leading the plunge. Within just 30 minutes, Bitcoin’s price dropped by 5%, falling from $69,450 to a low of $65,970, based on TradingView data from the early hours of April 2 UTC.
During this rapid decline, leveraged traders faced significant losses, totaling over $165 million, according to Coinglass data. Bitcoin’s rapid decline led to a $165 million margin loss.
Most of these losses stemmed from liquidated positions, with Bitcoin longs accounting for just over $50 million and Ether longs exceeding $40 million.
Additionally, approximately $6 million in long positions on Dogecoin and $4 million in Solana were also liquidated, following the trend of Bitcoin and Ethereum.
A total of 153,779 traders were liquidated in 24 hours, and the total liquidations came to $476.83 million.
Also Read: Tether Bolsters Bitcoin Reserves in Strategic Acquisition
