Key Takeaways
- Bitcoin’s price fell below $87,000, leading to a sharp market decline.
- Nearly $200 million in long positions were liquidated within one hour.
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Bitcoin’s price suddenly dropped below $87,000 on Monday, wiping out nearly $200 million in long trades in the last hour, according to data from CoinGecko and Coinglass.
The drop marks a sharp decline for the largest digital asset by market capitalization, as leveraged traders betting on price increases were forced to close their positions. Long liquidations occur when exchanges automatically close leveraged long positions after prices fall below certain thresholds, requiring traders to sell their holdings.
This is a developing story.
