{"id":391259,"date":"2024-01-23T10:06:32","date_gmt":"2024-01-23T10:06:32","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=391259"},"modified":"2024-01-23T10:22:11","modified_gmt":"2024-01-23T10:22:11","slug":"bitcoin-tumbles-under-39000-triggering-115m-liquidation-in-1-hour","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-tumbles-under-39000-triggering-115m-liquidation-in-1-hour\/","title":{"rendered":"Bitcoin tumbles under $39,000 triggering $115M liquidation in 1 hour"},"content":{"rendered":"

Bitcoin's (BTC<\/a>) dip below the $39,000 mark<\/a> resulted in significant liquidations totaling approximately $115 million across the cryptocurrency market during the past hour.<\/p>\n

Red market<\/h2>\n

In the last 24 hours, BTC experienced a 4% decline, trading at $38,915 as of press time, according to data from CryptoSlate<\/em>. This downturn reduced its market capitalization by around $40 billion, settling at $767 billion.<\/p>\n

BitMEX co-founder Arthur Hayes suggested<\/a> that Bitcoin's current price trend could persist until the end of the month, influenced by the US Treasury's quarterly refunding announcement.<\/p>\n

Simultaneously, Ethereum (ETH<\/a>) witnessed a 6% drop, reaching $2,230. The decline in ETH's price can be attributed to substantial selling pressure from its Foundation and fund movements related to the distressed crypto entity Celsius.<\/p>\n

Celsius transferred around 13,000 ETH (approximately $30.87 million) to Coinbase and 2,200 ETH (roughly $5.12 million) to FalconX, while the Ethereum Foundation sold<\/a> $1.6 million of the digital asset.<\/p>\n

Long traders stunned<\/h2>\n

Data<\/a> from Coinglass reveals substantial losses for traders anticipating further market price increases. For context, long traders lost $115 million during the past hour alone.<\/p>\n

When the time frame is extended to 24 hours, long traders' losses amount to nearly $300 million, while those with bearish market positions incurred a more modest $38 million in losses during this reporting period.<\/p>\n

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

Bitcoin traders bore the brunt of the downturn, losing more than $80 million, with more than 60% of these losses attributed to long positions. The most significant individual liquidation was a $5 million wager on BTC's price increase on Bybit.<\/p>\n

Similarly, Ethereum speculators faced total liquidations of around $70 million, with the majority of losses\u2014approximately $60 million\u2014stemming from traders betting on ETH price increases.<\/p>\n

Traders holding positions in other major digital currencies also experienced substantial losses, with Solana, XRP, Dogecoin, and Ordinal seeing liquidations of $16 million, $4 million, $5 million, and $6 million, respectively.<\/p>\n

Examining exchanges, Binance<\/a>, the largest cryptocurrency exchange by trading volume, saw traders collectively lose $98 million, while OKX<\/a> reported liquidations totaling $71 million. Other crypto platforms, including ByBit<\/a> and HTX<\/a>, witnessed a combined loss of $63.52 million among their traders.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s (BTC) dip below the $39,000 mark resulted in significant liquidations totaling approximately $115 million across the cryptocurrency market during the past hour. Red market In the last 24 hours, BTC experienced a 4% decline, trading at $38,915 as of press time, according to data from CryptoSlate. This downturn reduced its market capitalization by around […]<\/p>\n","protected":false},"author":720,"featured_media":391271,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,1,77968],"tags":[76769,72190],"post_folder":[],"acf":[],"yoast_head":"\nBitcoin tumbles under $39,000 triggering $115M liquidation in 1 hour<\/title>\n<meta name=\"description\" content=\"Bitcoin's dip under $39,000 resulted in significant liquidation of ovet $100 million during the past hour, according to Coinglass data.\" \/>\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-tumbles-under-39000-triggering-115m-liquidation-in-1-hour\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin tumbles under $39,000 triggering $115M liquidation in 1 hour\" \/>\n<meta property=\"og:description\" content=\"Bitcoin's dip under $39,000 resulted in significant liquidation of ovet $100 million during the past hour, according to Coinglass data.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-tumbles-under-39000-triggering-115m-liquidation-in-1-hour\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-23T10:06:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-23T10:22:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/01\/bitcoin-crash-.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-tumbles-under-39000-triggering-115m-liquidation-in-1-hour\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-tumbles-under-39000-triggering-115m-liquidation-in-1-hour\/\"},\"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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