BTC Long Positions Worth $600 Million at Risk if Price Falls Below $57,000

IconCryptoNewsTerminal Staff15 Aug, 2024

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BTC Long Positions Worth $600 Million at Risk if Price Falls Below $57,000

At the time of writing, Bitcoin (BTC) is hovering around $57,800, down nearly 1% from its all-time high of $61,700. According to data from crypto market data platform Coinglass, if BTC drops below $57,000, long positions worth $607 million are expected to be liquidated on major centralized exchanges (CEX). This means that if BTC price falls below $57,000, traders who have borrowed money to buy BTC will be forced to sell their coins, driving the price down further. On the other hand, if the $59,000 mark is broken, short positions worth $217 million are expected to be liquidated. Short positions are bets that the price of an asset will fall. If the price of BTC rises above $59,000, traders who have borrowed BTC to sell it will be forced to buy it back, driving the price up further. ```

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