Cryptocurrency long positions worth $447.04 million (approximately 656.9 billion KRW) were forcibly liquidated in the past 24 hours, marking the largest liquidation event since June 25, according to data from CoinGlass on the 28th (Korean time). Bitcoin dropped to an intraday low of $63,555 (approximately 93.41 million KRW) during the period. The liquidations occurred as investor sentiment weakened amid multiple macroeconomic uncertainties, including anticipation of the U.S. Federal Reserve's interest rate decision and the Personal Consumption Expenditures (PCE) price index release, Middle East geopolitical risks, U.S. stock market correction pressures, and increased inflows to exchanges. The cryptocurrency market has not experienced liquidations of this scale in 33 days, with short position liquidations totaling $147.21 million (approximately 216.3 billion KRW) during the same period.
Long Position Liquidations Reach $447.04 Million in 24 Hours
According to CoinGlass data on the 28th (Korean time), long positions totaling $447.04 million (approximately 656.9 billion KRW) were forcibly liquidated across the digital asset market in the past 24 hours. This represents the largest long position liquidation since June 25, when $700.24 million (approximately 1.029 trillion KRW) was liquidated 33 days prior. Short position liquidations during the same period amounted to $147.21 million (approximately 216.3 billion KRW).
Bitcoin experienced cascading long position liquidations as the price fell to $63,555 (approximately 93.41 million KRW) at one point during trading.
Multiple Macroeconomic Factors Contribute to Market Decline
Market observers noted that no single cause was identified for the decline, but multiple factors combined to weaken investor sentiment. These included heightened caution ahead of the U.S. Federal Reserve's interest rate decision and the Personal Consumption Expenditures (PCE) price index announcement, geopolitical risks in the Middle East region, correction pressures in U.S. stock markets, and increased inflows of assets to exchanges.
Major Altcoins Record Concurrent Losses
As of 9:10 AM (Korean time) on the 28th, Bitcoin traded at $63,604 (approximately 93.46 million KRW) according to CoinMarketCap, down 2.42% from 24 hours prior. Major altcoins showed concurrent weakness. Ethereum (ETH) declined 3.29%, Ripple (XRP) fell 4.28%, and Solana (SOL) dropped 3.38%.
FAQ
What was the scale of cryptocurrency long position liquidations in the past 24 hours?
Long positions worth $447.04 million (approximately 656.9 billion KRW) were forcibly liquidated in the past 24 hours, representing the largest liquidation event since June 25 when $700.24 million was liquidated 33 days prior, according to CoinGlass data on the 28th (Korean time).
What factors contributed to the cryptocurrency market decline?
Multiple macroeconomic uncertainties combined to weaken investor sentiment, including anticipation of the U.S. Federal Reserve's interest rate decision and Personal Consumption Expenditures (PCE) price index release, Middle East geopolitical risks, U.S. stock market correction pressures, and increased inflows to exchanges, according to market observers.
How did Bitcoin and major altcoins perform during this period?
Bitcoin dropped to an intraday low of $63,555 (approximately 93.41 million KRW) and traded at $63,604 (down 2.42%) as of 9:10 AM Korean time on the 28th. Ethereum declined 3.29%, Ripple fell 4.28%, and Solana dropped 3.38% during the same period, according to CoinMarketCap data.
