Crypto Liquidations Hit $1.3b As Bitcoin Price Nosedives Below $104k

Over $1.3 billion was wiped out across the crypto market as traders shifted their focus to $100,000 as the last line of defense for Bitcoin.

Bitcoin price is down 17% from its all-time high on Tuesday, dropping under $104,000.

Crypto liquidations totaled $1.3 billion in losses over the past 24 hours.

Traders say Bitcoin needs to quickly reclaim $105,000 to avoid a deeper correction toward $100,000.

Bitcoin (BTC) bears extended the sell-side activity into the European Trading session on Tuesday as the drop to $104,000 resulted in a large liquidation of leveraged positions across the crypto market.

BTC price fell as low as $104,130 on Tuesday, reversing Sunday’s spike to $111,000 as derivatives traders adopted a risk-off stance.

This extended the deviation from the Oct. 6 all-time high of $126,000 to 17% and was accompanied by massive liquidations across the derivatives market.

Related: Retail investors 'retreat’ to $98.5K: 5 things to know in Bitcoin this week

More than $1.21 billion in long positions were liquidated, with Bitcoin accounting for $377 million of that total. Ether (ETH) followed with $316.6 million in long liquidations.

Across the board, a total of $1.36 billion was wiped out of the market in short and long positions, as shown in the figure below.

Source: CoinTelegraph