Bitcoin Sees Largest Long Liquidations in Four Years, Triggering $20 Billion Wipeout

The cryptocurrency market experienced a significant shakeup on October 10th as Bitcoin (BTC) witnessed record-breaking liquidations. According to CryptoQuant, the market saw over $1 billion in long liquidation positions within a single day, marking the largest such event since April 2021. Bitcoin’s price dropped by nearly 20% in just a few hours, falling from $122,000 to $102,000 before recovering slightly before closing around $112,000.