Update
Bitcoin Drops Below $75,500 as Crypto Liquidations Top $1 Billion
Bitcoin fell to $75,570 on Friday, its lowest intraday reading since August 21. Over the preceding 24 hours, $1.05 billion in crypto derivatives have been liquidated. Long positions, which profit when prices rise, accounted for $930.04 million, or 88.2%, compared to $124.69 million in shorts. Bitcoin accounted for $267.20 million of the total, with 88.9% from long positions, while Ethereum recorded $167.14 million, 81.1% of it long. The liquidation happens when an exchange automatically closes a position due to insufficient collateral, adding selling pressure to the decline.