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Data shows that the crypto derivatives market has seen high long liquidations in the past day, as Bitcoin tumbled after its recovery of $68,000. 
<h2 id="bitcoin-has-been-going-through-some-high-volatility-recently">Bitcoin Has Been Going Through Some High Volatility Recently</h2> 
The past couple of weeks have seen Bitcoin show some sharp action, with its price significantly recovering from its lows of around $54,000. The past day had seen the cryptocurrency advance further in this rally, with BTC breaking past $68,000. 
Since this surge, though, the coin has seen a retrace, as it now trades around $66,800. The chart below shows what cryptocurrency’s recent performance has looked like. 
<img loading="lazy" decoding="async" class="alignnone size-medium aligncenter" src="https://www.tradingview.com/x/N7mMjl4k/" alt="Bitcoin Price Chart" width="1534" height="854"> 
Expectedly, the rest of the cryptocurrency sector has also shown some volatility following the lead of the number one Bitcoin. A consequence of this sharp price action across the market has been that the derivatives side has seen a shakeup. 
<h2 id="crypto-derivatives-has-registered-large-liquidations-over-the-past-day">Crypto Derivatives Has Registered Large Liquidations Over The Past Day</h2> 
According to data from <a href="https://www.coinglass.com/LiquidationData" target="_blank" rel="noopener nofollow">CoinGlass</a>, the cryptocurrency derivatives sector has seen a high amount of liquidations during the last 24 hours. “<a href="https://bitcoinist.com/bitcoin-surge-sparks-400-million-liquidations/" target="_blank" rel="noopener ">Liquidation</a>” here naturally refers to the forceful closure any open contract undergoes after it has amassed losses of a certain degree. 
Below is the data for the liquidations in the cryptocurrency market over the past day. 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-311458 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/07/table_ee5653.png?w=555&amp;resize=555%2C298" alt="Bitcoin &amp; Crypto Liquidations" width="555" height="298" data-recalc-dims="1"> 
As is visible, the market has seen the liquidation of almost $187 million in contracts during the last 24 hours. Out of these, $123 million has come from the <a href="https://bitcoinist.com/367-million-crypto-longs-flushed-altcoin-crash/" target="_blank" rel="noopener ">long contracts</a>. This represents around two-thirds of the total liquidations. 
The actual returns in the past day haven’t been that negative during the past 24 hours, so the high amount of long liquidations would suggest that these were investors jumping in late after seeing the surge, buying what would become the top. 
These holders betting on a further bullish outcome also likely used leverage, a loan amount that users can opt for against their initial position on any platform. While leverage can make profits greater by many factors, it can also magnify any losses incurred, thus making liquidation more likely. 
Now, here is what the individual contribution from the various symbols has looked like toward this liquidation event: 
<img loading="lazy" decoding="async" class="alignnone size-medium wp-image-311459 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/07/details_ab801c.png?w=640&amp;resize=640%2C290" alt="Bitcoin &amp; Other Cryptos" width="640" height="290" srcset="https://bitcoinist.com/wp-content/uploads/2024/07/details_ab801c.png?w=785 785w, https://bitcoinist.com/wp-content/uploads/2024/07/details_ab801c.png?w=640&amp;resize=640%2C290 640w, https://bitcoinist.com/wp-content/uploads/2024/07/details_ab801c.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/07/details_ab801c.png?w=750 750w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Bitcoin and Ethereum (ETH), the two largest coins by market cap, are also first and second here, with $54 million and $37 million in liquidations, respectively. <a href="https://bitcoinist.com/solana-price-could-skyrocket-bullish-chart-pattern/" target="_blank" rel="noopener ">Solana (SOL)</a> has seen the most liquidations out of the rest at around $11 million. 
Unlike most markets, SOL liquidations have leaned towards shorts, as the asset’s price has seen a net increase during the past 24 hours.

$110 Million Crypto Longs Erased As Bitcoin Retraces After Recovery Past $68,000

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