Over 700 million dollars Bitcoin Bitcoin/USD, Ethereum ETH/USD and other digital assets were liquidated in just 24 hours, while Bitcoin’s value fell below its previous all-time high.
Market information platform Coinglass highlighted in a report that among the liquidated assets were $260 million in Bitcoin and $122 million in Ethereum, totaling a massive $727 million loss for traders, mostly from long positions.
Other major cryptocurrencies affected include Solana SOL/USD, Dogemoneta DOGE/USD, Pepper PEPPER/USD, Binance coin BNB/USD AND World currency WLD/USDeach of which saw settlements of more than $10 million.
The data indicated that major exchanges such as Binance, OKX, Bybit, and Huobi were the primary platforms for these massive liquidations.
Binance and OKX are seeing over $260 million in options contract liquidations alone.
At the time of writing, Bitcoin was trading at $67,576.61, marking a 7% decline over the past day and a 9% decline from its recent all-time high of $73,580.
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This decline follows Bitcoin’s peak in November 2021, which reached $69,000 and set an all-time high.
Recent market movements highlight the volatile nature of cryptocurrency investing and the high risks involved in trading these digital assets.
As Bitcoin falls below its new all-time high, MicroStrategy said it is offering $525 million worth of convertible senior notes with the intent of using the proceeds for general corporate purposes and buying more of the leading crypto asset while it drops close to the price of $70,000. level.
“The notes will be convertible into cash, shares of MicroStrategy Class A common stock, or a combination of cash and shares of MicroStrategy Class A common stock, at MicroStrategy’s election. MicroStrategy estimates that the net proceeds from the sale of the notes will be approximately $515.0 million or approximately $592.3 million if the initial purchasers fully exercise their option to purchase additional notes,” the company said in a note.
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