Crypto Carnage: Bitcoin's Slide Below $69,000 Triggers Massive $700 Million Liquidation

Bibhu Pattnaik

March 16, 2024

Over $700 million in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and other digital assets were liquidated in just 24 hours, as Bitcoin's value dipped below its previous all-time high.

Market intelligence platform Coinglass highlighted in a report that $260 million in Bitcoin and $122 million in Ethereum were among the assets liquidated, totaling a massive $727 million loss for traders, predominantly from long positions.

Other significant cryptocurrencies affected include Solana (CRYPTO: SOL), Dogecoin (CRYPTO: DOGE), Pepe (CRYPTO: PEPE), Binance Coin (CRYPTO: BNB) and Worldcoin (CRYPTO: WLD), with each seeing over $10 million in liquidations.

The data indicated that significant exchanges such as Binance, OKX, Bybit, and Huobi were the primary platforms for these massive liquidations.

Binance and OKX are experiencing over $260 million in option contract liquidations alone.

At the time of writing, Bitcoin was trading at $67,576.61, marking a 7% decrease in the last day and a 9% fall from its recent all-time high of $73,580.

Also Read: Forget Dogecoin And Shiba Inu — This Meme Coin Has Surged Nearly 70% In Just 24 Hours

This downturn follows Bitcoin's peak in November 2021, which reached $69,000 and set an all-time high record.

Recent market movements underscore the volatile nature of cryptocurrency investments and the high risks involved in trading these digital assets.

As Bitcoin dips below its new all-time high, MicroStrategy said that it’s offering $525 million worth of convertible senior notes with the intent of using the proceeds for general corporate purposes and to purchase more of the top crypto asset as it drops near the $70,000 price level.

“The notes will be convertible into cash, shares of MicroStrategy’s class A common stock, or a combination of cash and shares of MicroStrategy’s class A common stock at MicroStrategy’s election. MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $515.0 million or roughly $592.3 million if the initial purchasers fully exercise their option to purchase additional notes," the firm said in a statement.

Now Read: As Dogecoin Jumps 18%, Founder Billy Markus Cracks Joke About Crypto Community: 'If You Take Offense To This ...'

Photo: Shutterstock

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