The market capitalization of the cryptocurrency saw a $ 1 billion decline from its all-time highs.
After Bitcoin climbed to a new all-time high of just under $ 50,000 on February 14, a sharp correction caused problems for many optimistic crypto traders
According to data from CoinGecko, Bitcoin hit another new all-time high of $ 49,531 in the late hours of February 14th. With the magical $ 50,000 milestone closer than ever, crypto traders took heavy long positions.
However, the market had other plans. When Bitcoin Trader ( How to Buy Bitcoin at eToro ) fell to a local low of under $ 46,000 in the early hours of February 15, total crypto market cap was adjusted by $ 1 billion.
This downturn resulted in the liquidation of many overly leveraged long positions. Bybt data shows there has been $ 1.89 billion in losses in the past 24 hours.
Cryptocurrency liquidations data from Bybt
Bitcoin and Ethereum, as usual, made up the bulk of the liquidations, totaling over $ 9 million between the two.
It also appears that Ripple’s XRP caught traders off guard. Ripple’s XRP had steadily climbed back up after the token lost 50% following the announcement of an SEC lawsuit against Ripple Labs. Traders lost nearly $ 100 million betting on another revival.
Other notable losses include EOS, Litecoin (LTC), and Cardano (ADA), all of which have hit multi-year highs recently. Each saw more than $ 50 million in liquidated losses.
This marks the third highest level for liquidations since early 2021. On January 10, long traders were squeezed out for $ 2.5 billion after Bitcoin fell from $ 41,000 to $ 30,000.
This was also the same day Ethereum fell from an all-time high of $ 1,350 to $ 900.
It seems that the bleeding has stopped for the time being. At the time of writing, Bitcoin had recovered slightly and is now back at $ 47,500.