Bitcoin dips to $29k as crypto sees $150 million in liquidations

• Bitcoin price fell to lows of $29,000 across major exchanges as liquidations rose 203% in 24 hours.
• Total rekt positions was more than $150 million, with $124 million being longs.
• The volatility saw over 50,000 traders liquidated in the past 24 hours.

Bitcoin extended its decline beneath $30,000 on Monday as the total crypto market value dipped by 2% to just over $1.2 trillion.

As BTC price touched $29,000 across major exchanges – it fell to $28,978 on Bitstamp and $28,973 on Coinbase – data showed total crypto liquidations in the past 24 hours surpassed $150 million.

According to data from Coinglass, the 24-hour liquidation was double the figure recorded a day earlier. Indeed, total positions rekt in the period rose 203%, with longs accounting for the largest share at over $124 million. 

Shorts accounted for about $26 million to suggest that most of the 50,364 traders who were liquidated as of writing were longs.

BTC had the single largest liquidation order at $2.57 million on the OKX crypto exchange.

Just like Bitcoin, many altcoins extended recent declines as the market weakness ahead of the next FOMC meeting intensified. Ethereum fell to lows of $1,830 and XRP dipped to $0.69 as its market cap declined to allow BNB retake the fourth spot among large caps.

But as top altcoins stumbled on Monday, Dogecoin rose by more than 6% amid ELon Musk’s latest changes to the Twitter platform. Data shows $1.19 million in short liquidations hit DOGE traders.