Bitcoin price drops below $91,000, leading to $135M long liquidations
Sudden Bitcoin decline exposes the risks of leveraged trading as investors face steep losses from sudden price movements.
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Updated 1:24 p.m. ET
Bitcoin fell below $91,000 today, triggering nearly $135 million in long position liquidations across crypto markets in the past hour.
The price decline forced the unwinding of leveraged bets by traders who hoped Bitcoin would rise. Long liquidations occur when exchanges automatically close leveraged positions after prices move against traders, causing them to lose their collateral.
Bitcoin was trading at $90,427 at the time of reporting, according to CoinGecko.