Bitcoin Price Drops Below $90K, Amidst $1.34B 24-Hour Crypto Liquidations

Key Points

• BTC price slid below $90,000 earlier, amidst high liquidations in the crypto market.
• The crypto markets have been recently shaken following the LIBRA scandal and the latest Bybit hack.

Bitcoin dropped at $89,000 levels earlier today, amidst significant crypto liquidations. The broader crypto sell-off comes following recent unfortunate events in the industry, including the controversial LIBRA project and the latest Bybit hack which saw almost $1.5 billion stolen from the exchange.

Bitcoin Price Dropped Below $90,000

At the moment of writing this article, BTC is trading above $89,000, down by around 5% for the day.

On February 24, BTC was trading above $95,000, but it debuted a downward price trajectory since. The Fear and Greed Index is currently in the Fear zone, while the entire crypto market is down by over 7% in the past 24 hours, amidst significant liquidations.

$1.34 Billion Liquidations in 24 Hours

According to data from Coinglass, during the past 24 hours, the crypto market recorded $1.34 billion in liquidations.

Over $1.24 billion was in long positions and over $96 million was in shorts.

The same data shows that BTC saw over $522 million in liquidations over the past 24 hours. Almost $499 million was in long positions and over $23 million was in shorts.

Earlier, Lookonchain noted that over 366,700 traders were liquidated in the past 24 hours, and among them, a whale was liquidated for almost $21 million.

Coinglass shows that Bybit recorded over $597 million in liquidations over the past 24 hours. It’s also worth noting that recently Bybit started disclosing full transparent data on liquidations.

Earlier, the exchange’s CEO, Ben Zhou, said via X that liquidations do not mean profits for the exchange, and Bybit ranks as number 1 in crypto liquidations due to its data transparency.

Companies Continue to Buy BTC Despite Market Volatilty

On a more bullish note, the Japanese company Metaplanet purchased an additional 135 BTC, despite the market decline.

Yesterday, Strategy₿ also announced that it had bought more Bitcoin , raising its BTC holdings to 499,096 BTC, despite the overall recent market volatility.