Bitcoin loses ground, plunges below $42,000 amidst $470 million market liquidation

Quick Take

Bitcoin’s current market performance is marked by a 7% dip, with the digital asset hitting a low of $41,500 after previously soaring above $45,000. Over the past 24 hours, the market has experienced significant liquidation, approximating $ 470 million, contributing to the digital asset’s downward trajectory. In the past hour alone, it has seen $320 million liquidated.

Bitcoin alone accounted for $100 million of the liquidated total, demonstrating its substantial influence within the broader digital asset market. Notably, long positions contributed to most of the liquidations, totaling approximately $433 million.

This suggests a bullish sentiment was prevalent among traders, who unexpectedly found themselves bearing the brunt of the sudden downturn.

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