Bitcoin Plummets, $117M in Liquidations in One Hour as Mage Cuts Longs

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On July 24, the Bitcoin price fell below $64,000, triggering $117 million in liquidations within an hour—$114 million of which came from long positions. Mage aggressively closed its longs to avoid losses. As of the report, Mage holds 3,100 ETH 25x longs with a liquidation price of $1,841, maintaining a 1% buffer above the current price. Analysts are now monitoring Bitcoin price prediction models for signs of a potential rebound.

BlockBeats news: On July 24, according to Coinglass data, after 8 PM tonight, Bitcoin rapidly declined, briefly falling below $64,000 and currently trading at $64,157.87. As a result, over the past hour, $117 million in total positions were liquidated across the network, with $114 million in long positions liquidated.


According to HyperInsight monitoring, Magi again urgently closed long positions during the market downturn to avoid liquidation. As of press time, Magi still holds a 25x long position on 3,100 ETH, with a liquidation price of $1,841, maintaining a 1% spread from the current price.

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