Cryptocurrency Market Sees $1.75 Billion in Liquidations

Between December 9 and 10, the cryptocurrency market experienced $1.75 billion in forced position closures, including $1.57 billion in longs, according to Coinglass.

The procedure affected 582,003 traders.

Liquidations were concentrated in altcoins — of the $1.75 billion, only $189.2 billion was attributed to Bitcoin.

The current figures surpassed the scale of events on December 5 ($1.1 billion).

The catalyst was a collapse in quotes — Bitcoin fell from $101,200 to $94,150 before rebounding to $97,000; altcoins experienced more dramatic movements.

At the time of writing, the daily rate of decline for the leading cryptocurrency had reduced to 1.8%. For other top-10 assets, excluding stablecoins, losses ranged from 3.2% to 12.3%.

Earlier, CryptoQuant warned of a potential halt in Bitcoin’s rally.

Previously, Real Vision’s chief analyst Jamie Coates warned that the digital gold’s rate might enter a correction in two to three months.

From December 1 to 7, cryptocurrency investment funds received $3.85 billion — a historical maximum.