The price of Bitcoin has once again experienced sharp fluctuations, resulting in the forced liquidation of leveraged long positions worth hundreds of millions of dollars.
In the past few hours, there have been intense two-way fluctuations in the price of Bitcoin, once again reminding traders of the risks that leveraged trading can bring.
This market fluctuation stems from two unsettling pieces of news. Firstly, Jensen Huang, the CEO of NVIDIA, which is considered a bellwether in the artificial intelligence industry and has the largest market value among listed companies globally, admitted to having an extramarital affair with a woman. Secondly, US Secretary of State Marco Rubio stated that negotiations between the United States and Iran have reached a deadlock.
The digital asset market is the only major market that is still trading on weekends, and investors initially viewed these two pieces of news as signals of risk aversion.
Price Trend
According to data, the price of Bitcoin fell to around $73,761 later on Sunday night, hitting its lowest level since August, before rebounding above $75,000.
Ethereum, the second-largest cryptocurrency by market capitalization ( ETH ), once fell below $2,100 before rebounding to $2,144 at the time of writing.
Sharp price fluctuations triggered a large-scale forced liquidation of leveraged futures positions.
According to data, within the past 24 hours, cryptocurrency traders suffered total losses of over $1 billion due to forced liquidations, with the majority of these losses occurring in the last six hours.
Among all the forced liquidation positions, long positions accounted for $913 million. This means that traders who bet on the rise in cryptocurrency prices suffered heavy losses during this market volatility.
