The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on.
- After the somewhat positive weekend when BTC recovered some losses and traded at $36,000, the situation reversed quite rapidly.
- As CryptoPotato reported earlier, China’s third-largest state-run bank, the Agricultural Bank of China, said it had banned its customers from interacting with cryptocurrencies.
- As has happened on previous occasions when the world’s most populated nation displayed its negative stance on crypto, the market started to tumble.
- As a result, bitcoin dumped to a two-week low of just over $32,000. Most alternative coins followed with even more violent retracements.
- Ethereum plummeted by nearly $300 in a matter of hours to below $2,000. As such, the second-largest crypto dropped below that coveted level for the first time in almost a month.
- With most of the altcoins performing in a similar manner, the cumulative market cap of all digital assets lost over $120 billion in hours.
- Somewhat expectedly, the enhanced volatility in a relatively short period has caused massive pain for leveraged traders.
- According to Bybt, the total liquidations have skyrocketed to roughly $1 billion in the past 24 hours. Although BTC trades are responsible for more than 50% of the entire number, the largest single liquidation came from EOS.
- The unfortunate trader has lost more than $6 million on Huobi as the price of EOS slipped by 15% in a day.