Bitcoin’s Sudden Price Drop Causes Over $160 Million in Leverages Crypto Liquidations

Bitcoin’s price unexpectedly dropped over 5% on Tuesday. From a high over $69,000 and briefly touching $70,000, it dropped down to a range of $65,000 in less than half an hour on April 2. This caused crypto investors to lose over $165 million in losses in just a few hours.

Data from Coinglass saw the leverages positions wiped out. There were around $50 million in Bitcoin longs and over $40 million in Ethereum longs accumulating for the bulk of that figure. This was followed by over $6 million of DOGE longs and around $4 million in SOL longs liquidated as well. At the same time, Bitcoin ETFs posted a major net outflow of $86 million. This broke the 4-day positive inflow streak. Blackrock’s ETF stood best, with Fidelity’s fund second.

Tether Wobbles Its Peg

The leading stablecoin on the market, Tether (USDT), has seen a drop as well during the same period. It went down to $0.998, although it managed to find its bearings later. Experts are unsure if it was an API error, with the brief depeg not posting on many trackers. We’re waiting on further information on this occurrence and the reason behind it.

In the long run, there shouldn’t be any negative trends regarding Bitcoin’s long-term value. The halving is coming up and brief drops are to be expected. It’s crucial for Bitcoin(BTC) to retain the $60,000 level or something close, as the halving should bring further price drops. Overall, it has been a very positive period for Bitcoin, which reached the previous all-time high of $67,000 and broke it. It has touched over $70K on several occasions in the past few weeks, indicating a bull market.

We’re excited to see what happens after the halving and if the most optimistic Bitcoin price predictions for the end of the year come true.