Bitcoin exhibited unusual volatility in a short period around 18:00 Turkish time (UTC+3).
The world’s largest cryptocurrency, which rapidly rose from around $87,000, reversed its direction downwards as of 6:30 PM after surpassing $90,000. With a sharp 4.07% drop in the last hour, Bitcoin is trading at $86,362 at the time of writing.
This sudden price movement also caused volatility across the market. According to CoinMarketCap data, Bitcoin’s daily trading volume exceeded $40 billion. Ethereum similarly exhibited volatile movements, falling to around $2,844, while major altcoins such as Solana, XRP, BNB, and Dogecoin also experienced significant hourly pullbacks.
The most significant impact of volatility was seen in the derivatives markets. In the last hour, a total of $139 million worth of positions were liquidated, with $135 million of that being long positions. Short position liquidations were limited, amounting to only $3.6 million. The total liquidation amount over the last 24 hours exceeded $374 million.
*This is not investment advice.