BTC Briefly Dipped Below $96k, Liquidating Over $500m in Leveraged Positions

TL;DR

• BTC briefly dipped below $96k on Sunday but has now bounced back and is trading above $98k per coin.

• Yesterday’s slight dip caused over $500 million in liquidations across the broader crypto market.

BTC Trades Above $98k After Sunday’s Dip

The cryptocurrency market is looking to start the new week positively after underperforming over the weekend. Bitcoin, the leading cryptocurrency by market cap, is down less than 1% in the last 24 hours.

BTC's bearish weekend performance saw it briefly dip below the $96k level on Sunday. However, it has since bounced back and is now trading above $98k per coin.

Data obtained from Coinglass revealed that the volatile price action resulted in the total cryptocurrency liquidations reaching $500.45 million across 197,551 traders. Long and short liquidations comprised roughly $380 million and $120 million, respectively.

Coinglass data further showed that Bitcoin led the way with $70.4 million of the total crypto liquidations in the past day, followed by Ethereum and dogecoin at $43.4 million and $35.3 million.

Bitcoin reached its all-time high price of $99,320 on November 22nd and threatens to break the $100k barrier for the first time in its history. The market has been rallying since Donald Trump won the U.S. Presidential elections earlier this year.

Market participants expect favorable crypto regulations in the world’s largest economy once Trump resumes office. The optimism has seen the total cryptocurrency market cap cross the $3.3 trillion, with many expecting it to go as high as $5 trillion in the coming months.