The price of Bitcoin has fallen by almost 8%, below $73,000, according to data from Binance. The cryptocurrency last reached this level on November 6, 2024, the day Donald Trump won the US presidential election.
As of 9:01 p.m. Bulgarian time, Bitcoin had fallen by 7.93% to $72,955,000. By 21:21 Bulgarian time, Bitcoin had slowed its decline to 74,922,000 USD (-5.09%).
According to Coinglass, global crypto exchanges have liquidated positions of more than 161,000 traders in the last 24 hours, totaling over 663 million USD. Most of the liquidations occurred in Bitcoin ($245.81 million). Approximately 136 million USD of the liquidations were short positions, while 527.24 million USD were long positions. The largest liquidation order in the last 24 hours was submitted to the crypto exchange HTX for the ETH-USDT pair, worth 6.08 million USD.
According to Coinmarketcap the total market capitalization of cryptocurrencies is 2.53 trillion USD. Of these, $1.49 trillion (58.9%) is due to Bitcoin, and $261.65 billion (10.4%) is due to Ethereum.
A cryptocurrency liquidation is the forced closing of a trading position by an exchange using leverage (a mechanism that allows a trader to manage a position using borrowed funds from an exchange or broker) due to insufficient funds to maintain the trade. This occurs when losses on an open position exceed the initial trade amount, protecting the trader from debt and the exchange from risks.