Today’s volatility in the prices of Bitcoin, Ethereum, and Dogecoin did not materially affect most traders, as each of the three cryptocurrencies ended roughly where they started on Monday night. But price increases along the way appear to have triggered a wave of cryptocurrency liquidations, worth more than $290 million across the market.
Ethereum led the pack, with around $58.9 million in liquidations triggered by ETH price movement over the past 24 hours, according to data from CoinGlass. Most of the positions liquidated on Monday related to ETH were long.
Although ETH only saw a 2% drop on Monday, it briefly hit below $3,500. Even though this decline was modest (ETH fell just $12 below $3,500 at its lowest point today), the token quickly recovered. However, this crossing of levels could have triggered a wave of liquidations.
Dogecoin saw a minor but significant drop. The world’s top meme cryptocurrency briefly fell below $0.13, before recovering within minutes. But that drop appears to have triggered a huge wave of long position liquidations for the token. More than $44 million of DOGE long positions have been liquidated in the last 12 hours.
DOGE has fallen 3.6% on day.
Meanwhile, Bitcoin ranked third in liquidations in the cryptocurrency market today, with short positions accounting for the majority of liquidations made.
In the last 24 hours, around $21 million in BTC short positions and $19.86 million in long positions were liquidated.
Although the price of the world’s leading cryptocurrency has ended almost exactly the same as it did a day ago, BTC briefly rose above $67,000 on Monday afternoon, in an unfortunate development for those betting on the token’s downward trajectory. At the time of writing, BTC is trading at $66,376.
Edited by Andrew Hayward
