Bitcoin Dips Below $84K Amid $555 Million in Crypto Liquidations
Crypto markets saw significant liquidations, with Bitcoin briefly falling below $84,000.
- Crypto liquidations totaled $555.6M in the past 24 hours.
- Long positions accounted for $487.2M of the liquidations.
- Bitcoin's price dropped to $84,000 before recovering slightly.
- Market remains in 'Greed' territory despite the downturn.
- Bitcoin Dips Below $84K Amid $555 Million in Crypto Liquidations — this brief
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Crypto markets experienced significant volatility as liquidations reached $555.6 million over the past 24 hours, according to data from CoinGlass reported by The Block. This wave of liquidations was predominantly driven by long positions, which accounted for $487.2 million of the total amount.
Bitcoin, the largest cryptocurrency by market cap, was particularly affected by this trend. The coin briefly dipped below the $84,000 mark before recovering slightly. At the time of writing, Bitcoin is trading at $84,167, representing a 1.61% decrease over the past 24 hours.
The broader crypto market also felt the impact of these liquidations, with the total market cap currently standing at $2.93 trillion. Despite the downturn, the Crypto Fear & Greed Index remains at 71, indicating that the market is still in 'Greed' territory.
This development comes amidst a period of heightened volatility in the crypto space. The significant number of long position liquidations suggests that many traders may have been caught off guard by the sudden price movements.
While such market corrections can be concerning for investors, they are not uncommon in the crypto space. The data underscores the importance of risk management and the potential impact of leverage in amplifying market movements.
At today's peer-to-peer rate, 1 BTC ≈ ₦115.16M (about $84,267.00), down 1.5% over 24 hours. The naira itself trades about 2.9% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Bitcoin — questions
How much is 1 Bitcoin worth in naira today?
About ₦115.16M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $84,267.00. The naira price moves with both BTC's US-dollar price and the USDT/NGN rate; use our Bitcoin in naira page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is up 0.12% since this brief first published — trading at $84,267.00 now versus $84,167.00 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from The Block. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.