Bitcoin price decline below $65,000 liquidates over $125 million in long positions in 24 hours

Bitcoin, the largest cryptocurrency by market capitalization, declined nearly 6%, dropping below the $65,000 level for the first time in nearly ten days. The asset’s price drop ushered massive liquidation in derivatives markets. 

Several altcoins and meme coins noted massive drawdowns in response to Bitcoin’s correction. The biggest declines were noted by Sei (SEI), Floki Inu (FLOKI),and  Dogwifhat (WIF), nearly double-digit corrections. 

Also read: Bitcoin price dips to a low of $65,600 as weekend volatility creeps in

Bitcoin price drop liquidates $125 million in long positions

Bitcoin price revisited the $64,800 level, dipping below $65,000, for the first time since March 6, on Binance. BTC’s price correction was a significant one as it liquidated several long and short positions in derivatives markets. 

While $125 million in long positions were liquidated, $27.68 million in shorts were crushed by the asset’s recovery, according to CoinGlass data. While Bitcoin price corrected to the $66,000 level last week, meme coins likely gained from capital rotation. Meme coins wiped out their weekly gains and noted double-digit corrections as Bitcoin crumbled under selling pressure. 

BTC Derivatives data. Source: CoinGlass

One of the largest meme coins in the Solana ecosystem, WIF, alongside FLOKI and SEI holders suffered losses, in the market wide correction. 

On Sunday, Bitcoin price climbed above $65,000. The largest asset by market capitalization is exchanging hands at $66,487, at the time of writing.