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Against the falling Bitcoin (<a href="https://crypto.news/price/bitcoin/">BTC</a>) exchange rate, the daily liquidation volume on the crypto market approached $700 million. 
Traders liquidated $698 million worth of positions in the last 24 hours, according to Coinglass data. 
<figure class="wp-block-image size-full">
 <img loading="lazy" decoding="async" width="1022" height="642" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-04-at-10.49.45.png" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 40" class="wp-image-14234315">
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure> 
The majority came from BTC, $11.1 million, with the vast majority coming from short positions. Ethereum (<a href="https://crypto.news/price/ethereum/">ETH</a>) became the second most popular asset for liquidation, with traders liquidating $5.57 million worth of positions, most of which came from long. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="518" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-04-at-10.49.50-1024x518.png" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 41" class="wp-image-14234316">
 <figcaption class="wp-element-caption">
 Source: Coinglass
 </figcaption>
</figure> 
Positions were mainly liquidated on crypto exchanges <a href="https://crypto.news/tag/binance/">Binance</a>, <a href="https://crypto.news/tag/OKX/">OKX</a>, and Bybit. The most significant liquidation order was the BTC-USDT position on the Huobi cryptocurrency exchange for $14.26 million. 
On Jan. 3, 2024, the rate of the first cryptocurrency <a href="https://crypto.news/bitcoin-falls-10-in-three-hours-following-matrixport-proclamation/">showed</a> a sudden drop, immediately falling to the level of $41,500. At the time of publication, BTC is trying to gain a foothold above $42,800. The collapse of the bitcoin rate also hurt the alt-coin sector. Over the past 24 hours, the value of most assets fell by an average of 13%. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="515" src="https://crypto.news/app/uploads/2024/01/Screenshot-2024-01-04-at-11.05.21-1024x515.png" alt="Traders liquidate almost $700m amid Bitcoin's precipitous decline - 42" class="wp-image-14234319">
 <figcaption class="wp-element-caption">
 Source: CoinMarketCap
 </figcaption>
</figure> 
The collapse came shortly after Matrixport analysts&nbsp;<a href="https://crypto.news/sec-will-reject-all-bitcoin-etfs-in-january-says-matrixport/">reported</a> that the U.S. Securities and Exchange Commission (<a href="https://crypto.news/tag/sec/">SEC</a>) will not approve spot Bitcoin ETFs this month. Experts suggested that the agency will begin registering investment crypto-funds only after the applicant companies fulfill all the agency requirements. Matrixport representatives believe this could happen in Q2 of 2024. 
 Read more: <a href="https://crypto.news/bitcoin-etfs-on-the-horizon-sec-meetings-point-to-potential-listings-on-major-exchanges/"> Bitcoin ETFs on the horizon: SEC meetings point to potential listings on major exchanges </a>

Traders liquidate almost $700m amid Bitcoin’s precipitous decline

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