Crypto Market Dips, Long Positions Lead to $134.65M in Liquidations

Bitcoin (BTC) fell to $65,550 on Tuesday, a 2.7% drop over the past 24 hours. Conversely, ethereum (ETH) remained stable, increasing by 0.4% within the same period.

Cryptocurrency market slid on Tuesday, decreasing by 1.94% against the U.S. dollar. As a result, the total market value of all cryptocurrencies decreased to $2.38 trillion. Among the leading cryptocurrencies, bitcoin (BTC) fell by 2.7% during the past 24 hours, trading at $65,550 at the time of writing.

However, ether (ETH) experienced a slight gain of 0.4% within the same period. Among the top ten cryptocurrencies, XRP led the gains with a 3.3% increase on Tuesday.

On the other hand, solana (SOL) dropped by 3%, binance coin (BNB) decreased by 1.5%, and dogecoin (DOGE) faced a loss of 3.2%. Notably, toncoin (TON) rose by 0.06% on Tuesday.

Out of the top ten cryptocurrencies, Jup (JUP) encountered the steepest loss with a 6.28% decrease on Tuesday. This was followed by arweave (AR) with a 6.04% loss and rocket pool (RPL), which slid by 5.62%.

Meanwhile, compound (COMP) rose by 11.04%, mogcoin (MOG) increased by 11.01%, and convex finance (CVX) went up by 10.73%. Overall, trade volume increased by 6.54% to $72.86 billion on Tuesday.

In the derivatives markets, a significant number of long positions were liquidated, totaling $134.65 million so far on Tuesday. Of these, $109.80 million were long bets, with $59 million solely in BTC-based positions. Additionally, $30.7 million in ETH longs and $7.73 million in SOL longs were wiped out. The volatility affected 36,695 traders in the last 24 hours. The largest single liquidation order was a BTC-USDT-SWAP on Okx valued at $8.28 million.

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