Long BTC positions suffered a significant blow on April 18, experiencing a brief drop under $62,000. Traders who had been betting on higher Bitcoin prices faced over $57 million in liquidations across various trading platforms. Conversely, short positions, held by investors predicting price declines, lost over $36 million in a span of 24 hours. According to data, a $5.3 million BTC/USDT pair trader on crypto exchange OKX was reported as the largest liquidation order at the time of reporting.
This event led to more than 74,571 traders witnessing their positions being wiped out from the market. At the time of writing, the total crypto market remained flat, experiencing a 0.9% decline and holding a valuation of $2.3 trillion according to CoinGecko. It is worth noting that during the previous bull run, the sector had surpassed $3 trillion and had come close to this milestone following BTC’s earlier surge earlier this year.
