Bitcoin (BTC) Market Update: Crypto Long Liquidations Hit Highest Level Since Oct. 15

Cryptocurrency markets are down on Wednesday, pushing crypto long liquidations to the highest since Oct. 15.

Cryptocurrency markets traded lower on Wednesday, pushing crypto long liquidations to hit the highest since Oct. 15.

After hitting record highs earlier this month, Bitcoin prices have largely consolidated in recent weeks. This consolidation period may be setting the stage for another leg up in the bull market, according to some traders.

Top cryptocurrencies slid on Wednesday. Bitcoin fell 1.28% over the last 24 hours to $64,934.6. Meanwhile, both Ethereum and Dogecoin dropped 1.04% to $4,733.11 and $0.27, respectively.

Among the top gainers, XRP rose 0.7% to $1.23 and Shiba Inu gained 1.1% to $0.00007334.

Cryptocurrency long liquidations reached the highest since Oct. 15 as the total crypto market cap decreased. Notably, crypto liquidations occur when an exchange forcefully closes a leveraged position due to a market downturn.

As of 01:10 ET, crypto liquidations stood at $143.3 million, where longs constituted $113.3 million, according to data from Coinglass. In the past 24 hours, the total liquidations were valued at $163.8 million.

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