From December 9 to 10, forced liquidations in the cryptocurrency market totaled $1.75 billion, including $1.57 billion in long positions, according to Coinglass.
A total of 582 traders were liquidated.
The majority of liquidations occurred in altcoins, with Bitcoin accounting for just $189.2 million.
The current figures surpass the $1.1 billion in liquidations recorded on December 5.
What Caused the Spike?
The primary driver was a sharp market correction: Bitcoin dropped from $101,200 to $94,150, before recovering to $97,000. Altcoins experienced even steeper declines.
As of writing, Bitcoin’s daily losses have eased to 1.8%, while other top-10 assets (excluding stablecoins) posted losses ranging from 3.2% to 12.3%.
Market Outlook
CryptoQuant recently warned of a potential pause in Bitcoin’s rally.
Additionally, Real Vision chief analyst Jamie Coates has predicted a possible correction for Bitcoin in the next two to three months.
Earlier, it was reported that from December 1 to 7, crypto investment funds saw inflows of $3.85 billion, marking an all-time high.
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