$400 Million in Liquidations in 24 Hours as Bitcoin Dropped to $36K

The latest enhanced volatility in the cryptocurrency market caused significant pain for over-leveraged investors, with liquidations exceeding $400 million on a 24-hour scale. This comes as BTC slumped by about $3,000 in a day.

• It’s safe to say that the cryptocurrency landscape has seen better days as roughly $400 billion has been evaporated from the entire market cap in less than a week.
• With the terms “crypto winter” and “bear market” continuing to swirl within the community, bitcoin’s situation only worsened since yesterday.
• The asset had already lost the coveted $40,000 mark and plummeted to $38,000 before a sudden and brief price pump drove it north by a grand. However, this was short-lived, and BTC dumped once more – this time to just over $36,000, which became the new lowest price point since February 3rd.
• The altcoins have bled out even more. Double-digit price drops are evident from Ripple, Cardano, Avalanche, Dogecoin, Solana, Shiba Inu, MATIC, CRO, and many others.
• Ethereum and Binance are among the few whose price declines are still only by single digits, but both are deep in red nonetheless.
• Somewhat expectedly, this enhanced volatility has skyrocketed the liquidations and the number of liquidated traders.
• Coinglass data shows $400 million worth of liquidations since yesterday from more than 120,000 liquidated traders. The single-largest order happened on OKEx and was worth just shy of $4 million.