Crypto Market Nosedives as $90M in Positions Liquidated Within an Hour, Will Bitcoin Crash Soon?

The crypto market witnessed a sharp selloff on Monday as $90 million in positions were liquidated within an hour. Bitcoin price slipped more than 1%

Cryptocurrency market witnessed a sharp selloff on Monday as a total of $90 million in positions were liquidated within an hour. Bitcoin (BTC) price slipped more than 1%, whereas Ethereum (ETH) price dropped nearly 2% due to profit-booking by investors.

Top altcoins such as Solana (SOL), BNB, XRP, Cardano (ADA) also tumbled 2-3% after a massive price rally in the last 24 hours. Meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) plunged 6% in an hour.

While the crypto market seems extremely bullish after pro-Bitcoin Donald Trump’s win in the US presidential elections, some data signals a crash.

Here’s what the data indicates

Coinglass data indicates the crypto market recorded $90 million in liquidation in 4 hours and $650 million in the last 24 hours. Notably, $75 million in long positions and $15 million in short positions were liquidated in a few hours, triggering a selloff in the market.

Over 217K traders were liquidated, with the largest single liquidation order happened on crypto exchange OKX, with a BTC-USDT swap trade valued at $15.56 million.

Earlier this month, Bernstein analysts gave a Bitcoin price target of $90,000 by year-end. BTC price made a new all-time high of $81,858 today, indicating a bullish rally in the top crypto. However, the derivatives market data signals concerns of a massive selloff that could trigger a crypto market crash.

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