Bitcoin’s Value Drops Below $51K with Over $100M in Daily Liquidations

By Owen Patter Feb 17, 202452Views

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Bitcoin’s Price Tumbles Below $51K, Liquidating $122 Million in Derivatives Market

The weekend hasn’t been kind to Bitcoin’s price, with a drop below $51K resulting in the erasure of recent gains. This downward turn can be observed in the chart below.

According to data from CoinGlass, this price drop has had a ripple effect on the derivatives market, leading to a total liquidation of $122 million in the past 24 hours.

While the volume of these moves is lower compared to the previous week’s rally, it’s important to note that the cumulative trading volume across all exchanges in the past day is close to $70 billion. This is a significant amount, although it falls short of the previous days’ trading volume, which exceeded $100 billion.

In terms of liquidated positions, 85% were long positions. Additionally, Binance was responsible for nearly half of all liquidations.

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Owen Patter

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content. Owen's contributions serve as a valuable guide for both seasoned enthusiasts and newcomers, aiding them in navigating the dynamic world of cryptocurrencies with well-researched perspectives. With a meticulous commitment to precision, he empowers informed decision-making in the ever-evolving crypto domain.