A Bitcoin (BTC) and altcoins sell-off triggered more than $1 billion in liquidations over 24 hours as short-term holders sent tens of thousands of BTC to exchanges at a loss.
Key points:
Crypto liquidations hit nearly $1.1 billion over 24 hours after Bitcoin dropped to $80,350.
BTC price downside further boosted the odds of a breakdown below key support, analysis by Rekt Capital warned.
Bitcoin short-term holders sent more than 55,000 BTC to exchanges at a loss on Thursday.
Bitcoin drop to $80,350 fuels $1.1 billion liquidations
Data from CoinGlass put total crypto liquidations at $1.09 billion for the 24 hours to 10 am UTC on Friday.
This was the largest daily tally since Aug. 21, when BTC/USD rose from $73,000 to $79,500, setting two-month highs and triggering $1.3 billion in crypto short liquidations. Conversely, long positions accounted for $1.05 billion of Thursday’s total.
BTC/USD vs. crypto liquidations. Source: CoinGlass
