Bitcoin price drops below $91,000, leading to $135M long liquidations

Key Takeaways

• Bitcoin’s price fell below $91,000, causing significant market volatility.
• The drop triggered approximately $135 million in long position liquidations across crypto exchanges.

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Bitcoin fell below $91,000 today, triggering nearly $135 million in long position liquidations across crypto markets in the past hour.

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The price decline forced the unwinding of leveraged bets by traders who hoped Bitcoin would rise. Long liquidations occur when exchanges automatically close leveraged positions after prices move against traders, causing them to lose their collateral.

Bitcoin was trading at $90,427 at the time of reporting, according to CoinGecko.