Despite the rally during the past couple of weeks, the cryptocurrency took a beating today. Bitcoin’s price plunged by more than 5%, dropping $20K.
The total liquidations on a 24-hour scale have reached around $360 million.
- The recent rally brought hopes to many that the crypto winter might be coming to an end, but this was for not.
- Today, the market is painted red, with the majority of cryptocurrencies charting considerable declines. This saw close to $400 million worth of both long and short positions being liquidated.
- FTX’s native token (FTT) has it worst at the time of this writing and is down some 19%. This comes as a consequence of Binance vowing to liquidate its FTT holdings and sparking an argument between Changpeng Zhao and Sam Bankman-Fried.
- Bitcoin has also taken a major punch, dropping below the $20K level for the first time in two weeks.
- The alternative coins are in no better shape, with Ether and XRP being down by nearly 6%.
- The situation is even worse when looking at memecoins. Elon Musk’s favorite token – Dogecoin (DOGE) – has lost more than 12% of its valuation, while Shiba Inu (SHIB) has plunged by approximately 8%.
- As of the time of writing these lines, the global cryptocurrency market capitalization is around $1.02 billion, charting a decline of 5% in the past 24 hours.