Bloomberg says large-scale BTC liquidations are becoming routine

Bloomberg said repeated waves of large forced Bitcoin liquidations have become more common as leveraged trading has expanded and macroeconomic headwinds have mounted. According to Coinglass data cited by Bloomberg, there have been 13 instances over the past year in which 24-hour BTC liquidations exceeded $500 million, including three cases above $1 billion. Ahead of Nov. 13, about $1.3 billion in long positions were liquidated across the crypto market over 24 hours, with most of that tied to Bitcoin, Bloomberg reported. Bitcoin has fallen more than 20% since Oct. 21 and dropped to $66,586 in Asian trading today, its lowest level since August. Paul Howard, senior director at trading firm Wincent, said higher-risk leveraged investment has increased over the past 12 months, amplifying liquidation volumes tied to macroeconomic issues. Bloomberg added that the crypto market is viewing ETF outflows, AI-driven risk aversion, the Binance hack and expectations for further Federal Reserve rate hikes as downside pressure.