Bitcoin reached a new all-time high above $123,500 on August 14, before hotter-than-expected US inflation data triggered a brutal market crash. Over $1 billion in positions were liquidated within 24 hours, including $866 million in long positions, representing approximately 86% of total liquidations, versus just $140 million for shorts. Ethereum was the hardest hit cryptocurrency with $349 million in liquidations, followed closely by Bitcoin at $177 million. Bybit bore the brunt of the liquidations with $422 million, over 92% of which came from traders holding long positions.
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