Bitcoin extends its correction to Asian session, liquidations more than double to $660 million

Bitcoin price crashed 7.53% in the past 24 hours and currently trades at $67,788. Coinglass data shows that this BTC move has triggered $657.18 million worth of position to face liquidation. The single largest liquidation order occurred on OKX exchange for the BTC -USDT-SWAP worth $13.3002 million. Bitcoin hitan all-time high on March 14 and has been trending lower ever since. Recently, BTC underwent a sudden selling pressure that has caused massive market-wide liquidations.

The total number of liquidated orders stands at approximately 193,356, underscoring the widespread impact of the market movement. Total liquidations Liquidations occur when traders are forced to close their positions due to insufficient margin to cover their leveraged positions. Given Bitcoin's dominance, most coins in the market experienced losses, with approximately 90% of the top 100 cryptos posting declines over the past 24 hours.

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