Bitcoin Hits $90k Before Dipping Below $88k, Leveraged Traders Lose $900m

Twitter icon  •  Published vor 1 Tag  •  Hassan Maishera

Bitcoin briefly hit the $90,100 mark on Coinbase before dumping below $88k as leveraged traders lost over $900m across all cryptocurrencies.

TL;DR

  • Bitcoin briefly hit the $90k mark before dropping below $88k.

  • The wild swing in crypto prices liquidated over $900 million of leveraged positions across all crypto assets.

BTC Briefly Hits $90k

Bitcoin continued its massive rally after hitting the $90k mark a few hours ago. Data obtained from Coinbase indicated that Bitcoin briefly hit the $90,100 mark before recording a massive selloff.

At press time, Bitcoin is trading at $87,756, up less than 1% in the last 24 hours. Bitcoin retraced around 5% to the low-$85,000 level earlier Tuesday, shaking out some late leveraged buyers. 

The retracement didn’t last long, with prices quickly rebounding and clinching a new all-time high of $90,100 on Coinbase's BTC-USD pair. BTC has given up some gains and is trading below $88k.

The $90k level presents a challenge for Bitcoin in the near term, as massive sell orders are in this zone. This indicates that Bitcoin’s surge could be halted around the $90k-$100k region.

Data obtained from CoinGlass indicated that the wild price swings liquidated $940 million of leveraged derivatives trading positions across all digital assets over the past 24 hours. This is the largest amount lost by leveraged traders since the August 5 market crash.

With Bitcoin underperforming, most altcoins are in the red. Ether is down nearly 3% in the last 24 hours and trades at $3,243. Solana (SOL) and BNB are down 4% each, while Dogecoin and XRP defy market conditions to add 7% and 13% to their values, respectively. 

With the chaotic market conditions, the total crypto market cap has dropped by 2% and now stands at $2.9 trillion.

 

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.