Today, Bitcoin’s value dipped beneath the $91,000 mark, leading to considerable fluctuations in the market.
This decline resulted in nearly $135 million worth of long position liquidations across various cryptocurrency exchanges within just one hour.
The drop prompted traders who had leveraged their investments on the expectation of a price increase to unwind their positions. Long liquidations happen when exchanges automatically close these leveraged trades as prices shift unfavorably for traders, resulting in a loss of their collateral.
At the time this report was compiled, Bitcoin was valued at approximately $90,427 according to CoinGecko.