Crypto market crashes! Over $6 billion in positions liquidated in one hour, Bitcoin plunges more than 13% in a single day

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On Friday, the cryptocurrency market saw a steep decline, with U.S. stocks plunging after hours and losses intensifying. Over $6 billion in positions were forcibly liquidated within one hour. The wave of cryptocurrency sell-offs was the largest since at least early April this year.

The world’s largest cryptocurrency, Bitcoin, fell as much as 13.5% in a single day, falling below the $110,000 mark and hitting a low of $105,930 before narrowing its loss. Bitcoin had set a new historical high of over $126,250 this Monday.

Industry insiders pointed out that market uncertainty has led to a plunge in risk assets, with a surge in demand for downside protection in the derivatives market.

According to Coinglass data, over the past 24 hours, over $7.4 billion in cryptocurrency leveraged positions were liquidated, including about $6.7 billion in long positions and about $695 million in short positions. The liquidations mainly took place within about four hours on Friday afternoon U.S. time, with about $6.6 billion in positions closed out during that period.

Late Friday in New York, the main CME Bitcoin futures BTC contract fell 5.94% from Thursday's close, dropping below $116,000. Starting at 22:57 Beijing time on Friday, it continued to fluctuate downward. This week, it fell a total of 7.37%, holding steady near $123,000 from Monday to Thursday, but breaking out of its doldrums and falling sharply on Friday.

The main CME Ether futures DCR contract plunged 11.29% on Friday to $3,879, at one point hitting $3,850. For the week, it fell 14.80%, with a continuous downward trend from Tuesday to Friday.

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