After consolidating at $29,000 for a long time, Bitcoin, the leading cryptocurrency, experienced two consecutive declines within two days.
With this sudden decline, large retracements were seen in altcoins.
At this point, Ethereum (ETH) has decreased by up to 15% in the last 24 hours, while the decreases in XRP, which is among the top 10 cryptocurrencies, exceeded 25%.
Apart from ETH and XRP, Cardano (ADA) fell 13% and BNB fell by up to 9%.
While these decreases were experienced in Bitcoin and altcoins, investors who were in long positions were also reversed and liquidated.
According to data from Coinglass, the cryptocurrency market has experienced one of its worst sales, with $1 billion in crypto futures liquidations in the last 24 hours as Bitcoin retests its two-month low of $25,000.
At this point, 498 million dollars of long positions in Bitcoin were liquidated, while 308 million dollars of long positions in ETH were liquidated.
This was the highest BTC liquidation in a single day since June 2022, when the Bitcoin price dropped to $17,000.
Bitcoin ranked first among the long positions that were liquidated. After BTC, altcoins such as ETH, Litecoin (LTC), XRP, Solana (SOL), Arbitrum (ARB) and BNB came.
The news that the SEC is preparing to approve the Ethereum Futures ETF after the sharp and sudden drop in Bitcoin made the price rise above $26,000 again.
BTC continues to trade at $ 26,515 at the time of writing.
*Not investment advice
