Crypto traders using leverage to bet on a Bitcoin price rebound are getting crushed.
In the last 24 hours, $2.2 billion in leveraged crypto bets have been liquidated, according to the market data tracker CoinGlass.
The vast majority of the liquidations hit traders going long, with total BTC long liquidations leading the way at $1.05 billion liquidated, followed by $427.31 million in Ethereum (ETH) longs liquidated and $105.56 million in Solana (SOL) longs liquidated.
Bitcoin and the crypto markets at large have dropped alongside US equities over the last few weeks, albeit with much more volatility.
Since October 27th, BTC has dropped from $115,957 to a low of $81,050 – a 30% tumble.
In the same time frame, the Dow has declined from 47,706 to a low of 45,752 – a 4% move.
The S&P 500 has dropped from 6,890 to a low of 6,538 – a 4% pullback.
And the Nasdaq has sunk from 23,958 to a low of 22,055 – an 8% drawdown.
So far on Friday, markets have rebounded, with BTC priced at $84,524 at time of publishing.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
