Bitcoin, the world’s most valuable crypto asset, fell about 15% Wednesday, along with Ethereum and other digital currencies. Long trading positions worth around $3.4 billion were liquidated in the previous 24 hours as a result of recent crypto market turbulence.
According to bybt.com, a major on-chain analytics tool, the crypto market sell-off on Tuesday liquidated more than $1.3 billion in long Bitcoin bets. Ethereum came in second place, with almost $900 million in long ETH positions liquidated.
Bitcoin reached a high of approximately $53,000 during the Asian trading session on September 7th. However, the crypto currency fell roughly 20% during the US session, reaching a low of $43,000. BTC immediately recovered from its recent lows, reaching a price of $46,500 on Wednesday. Bitcoin is currently trading near $46,600, with a market worth of $875 billion.
Ethereum, on the other hand, hit $3,900 during yesterday’s Asian session before plummeting dramatically in the US session, reaching a low of $3,060. On Wednesday, the crypto currency immediately recovered and reclaimed the $3,450 price level.
Aside from Bitcoin and Ethereum, recent volatility in the crypto market has resulted in huge trading positions being liquidated in XRP, Solana, ADA, DOGE, FIL, and Ethereum Classic. Bybt.com reports that almost $220 million in long XRP positions had been liquidated in the previous 24 hours. Long trading bets of more than $80 million were liquidated in Solana. Despite the recent drop, SOL has made a significant comeback in the last 24 hours.
“Bitcoin has had its largest drop in four months, but Solana seems unconcerned. After falling from $185.66 to $131.82 in less than two hours, the crypto currency has risen to $186.03 at the time of writing,” Santiment explained.
“As is customary with market-wide drops, the trading throng gathered to buy the dip. Calls connected to buying or buying rose to levels not seen since May. Altcoin assets, in particular, are currently recovering fairly well,” the business noted.