Bitcoin Sees $136M Liquidations After Tesla Reveals $963M Sale

Bitcoin BTC/USD traders saw $136 million worth of long and short positions liquidated on Wednesday.

What Happened: The leading digital asset dropped below $23,000 following a second-quarter earnings announcement from Tesla Inc TSLA saying it had sold $963 million, or 75%, of its BTC holdings.

The majority of liquidations across crypto exchanges were from traders in long positions. Over the last day, $75 million longs and $60.8 million shorts were liquidated. The single largest liquidation order took place on FTX on a BTC perpetual swap worth $2.26 million.

Ethereum ETH/USD also recorded a significantly large number of liquidations, with traders seeing over $124 million in liquidations over the last day, as the asset’s price surged to $1,612.

Meme-based cryptocurrency Dogecoin DOGE/USD also saw over $5.5 million in liquidations over the same period. DOGE traded between the $0.06 and $0.07 range with sudden sharp price movements over short time frames causing the bulk of liquidations.

Price Action: At press time, BTC was trading at $22,819, down 3.9% over the last 24 hours, as per data from Benzinga Pro. ETH was trading at $1,476, down 5.7% and DOGE was trading at $0.06 down 4.8% over the same period.