Crypto liquidations cross $210m with longs accounting for 85%

Moreover, the current market instability stems from Bitcoin’s retreat from its recent high of $67,183 on April 23. Following this peak, BTC experienced a notable correction, culminating in a 3.2% decline by the end of yesterday’s trading session.

This bearish momentum has persisted, leading Bitcoin to relinquish the psychologically significant $64,000 threshold earlier today. The global cryptocurrency market capitalization has declined by 3.87% over the past 24 hours, now standing at $2.47 trillion, as altcoins venture into bearish territory.

Being the premier cryptocurrency, Bitcoin has witnessed the largest liquidated positions among all crypto assets, totaling $44.6 million within 24 hours.

The liquidation trend was noticeable across the market on April 18 before the most recent Bitcoin halving, resulting in a loss of $247 million. The Bitcoin halving, taking place on April 20, sparked renewed optimism after this downturn, prompting a resurgence of long positions amid the market’s recovery.

Despite the recent increase in liquidations, the derivatives market has witnessed a surge in volume, with trade volume jumping by 30% in the last 24 hours to reach $159 billion at the reporting time. This is due to an increase in short positions, with the long/short ratio now sitting at 0.7832.