Crypto Market’s Nearly 6% Slide Costs Bulls $1 Billion in a Day

Crypto traders lost $1.23 billion to forced liquidations over the past 24 hours, nearly double the previous day’s total. Bets on higher prices accounted for $1.02 billion of it as the crypto market cap fell 5.75% to $2.33 trillion.

Long positions made up 82.7% of the crypto liquidations, Coinglass data shows. Bitcoin (BTC) slipped below $68,000 to test its 200-week average. A weekly close below that line on Sunday could expose holders to a deeper retest.

Bitcoin positions accounted for $637.24 million of the total, with longs at 90.8%. That is nearly double the $325.28 million in Bitcoin liquidations BeInCrypto reported a day earlier .

Ethereum (ETH) followed at $256.52 million, where 76.3% came from long bets.