UPDATE: Bitcoin drop spurs up to $500M in liquidations across 129,197 traders
CIE News ·
Following earlier market drops, up to $500M in crypto bets were liquidated as Bitcoin fell below $83,000 amid surging oil prices and rising U.S. Treasury yields.
As previously reported, geopolitical tensions over the Strait of Hormuz initiated a broader sell-off across digital assets. Updated market data indicates the pullback resulted in between $478 million and $500 million in crypto liquidations over 24 hours, impacting 129,197 traders, with long positions accounting for $386.5 million of the total.
According to Bitcoin.com News, Bitcoin (BTC) dropped under $83,000 to touch a low of $82,500 before rebounding toward $84,000. Broader macroeconomic pressures mounted as Brent crude surpassed $100 per barrel and the 10-year U.S. Treasury yield rose to 5.29%, dampening risk sentiment.
Derivatives figures showed BTC futures open interest fell to 650,000 BTC, with funding rates turning negative on major exchanges, according to Bitcoin.com News. CoinMarketCap reported total crypto market capitalization declined to $2.84 trillion as high-beta altcoins suffered steeper losses during the leverage flush.