{"id":380753,"date":"2023-12-11T08:58:43","date_gmt":"2023-12-11T08:58:43","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=380753"},"modified":"2023-12-11T08:59:10","modified_gmt":"2023-12-11T08:59:10","slug":"bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/","title":{"rendered":"Bitcoin 5% correction triggers $400M liquidations as Asia markets open for the week"},"content":{"rendered":"

Nearly 120,000 crypto traders lost more than $400 million in the past 24 hours as digital asset prices plummeted during the opening of Asia trading hours on Dec. 11.<\/p>\n

Coinglass data<\/a> indicates that approximately $356 million of these liquidations were attributed to long positions, marking the most extensive single-day loss driven by long speculation in the last four months. Additionally, short traders faced losses totaling $54.79 million.<\/p>\n

\"Crypto
Crypto Market Liquidations. (Source: Coinglass)<\/figcaption><\/figure>\n

Bitcoin<\/a> traders bore the brunt of these losses, accounting for approximately $104 million in total liquidations. Long positions in BTC contributed $90.9 million to this figure, while shorts accounted for $12.12 million.<\/p>\n

Ethereum<\/a> investors also faced considerable losses, with around $74.62 million liquidated in long positions alongside $6.52 million from short positions.<\/p>\n

Other cryptocurrencies such as Solana<\/a>, XRP<\/a>, Dogecoin<\/a>, Avalanche<\/a>, Cardano<\/a>, and Litecoin<\/a> saw notable losses for traders holding long positions during this period.<\/p>\n

Among exchanges, OKX<\/a> and Binance<\/a> witnessed the most significant losses, tallying liquidations exceeding $171 million and $128 million, respectively. Notably, the most substantial individual loss recorded was an $8.2 million long bet on Bitcoin's price on the OKX exchange.<\/p>\n

Crypto market takes a breather.<\/span><\/p>\n

Bitcoin, the largest cryptocurrency by market capitalization, tumbled around 5% to a low of $41,649 before recovering to its current value of $42,155 as of press time, according to CryptoSlate's<\/em> data.<\/p>\n

BTC's fall ignited the price declines in other major cryptocurrencies like Ethereum, which slid by almost 5%, followed by other large-cap cryptocurrencies such as Solana, XRP, Binance-backed BNB, and Cardano, enduring some of their most considerable losses in recent weeks.<\/p>\n

The global crypto market capitalization fell by around 4% to $1.57 trillion.<\/p>\n

The recent drop comes after a three-month surge fueled by optimism<\/a> about the potential approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States.<\/p>\n

Although the approval hasn't materialized yet, experts point to ongoing communications<\/a> between the U.S. Securities and Exchange Commission (SEC) and the applicants as a positive sign, hinting that the regulator might finally give the green light to these investment products.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nearly 120,000 crypto traders lost more than $400 million in the past 24 hours as digital asset prices plummeted during the opening of Asia trading hours on Dec. 11. Coinglass data indicates that approximately $356 million of these liquidations were attributed to long positions, marking the most extensive single-day loss driven by long speculation in […]<\/p>\n","protected":false},"author":720,"featured_media":380767,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1,6849],"tags":[72190],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin 5% correction triggers $400M liquidations as Asia markets open for the week<\/title>\n<meta name=\"description\" content=\"Bitcoin price fell by around 5% in the last 24 hours to under $42,000 triggering over $100 million in losses for its traders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin 5% correction triggers $400M liquidations as Asia markets open for the week\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price fell by around 5% in the last 24 hours to under $42,000 triggering over $100 million in losses for its traders.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-11T08:58:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-11T08:59:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/bitcoin-challenges.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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