The past 12 hours have been rather tense on the cryptocurrency market. Bitcoin, as well as other cryptocurrencies, went through a massive correction, resulting in almost $1.3 billion liquidations in 12 hours.
- This morning, Bitcoin was trading at over $41,000, even though it was seemingly trapped in a range between $39,600 and $41,500 for more than a day without any decisive moves in any direction.
- However, it all began a little more than 15 hours ago when the price tanked from $41,000 to about $38,900.
- After that, we saw a few hours of stability, but the bears weren’t done yet. Earlier today, the price tanked from $39,800 down to $37,000 and ultimately dropped to $34,322 before recovering to its current rate of around $38,000.
- This means that BTC dropped by almost $7,000 or more than 16%.
- BTC wasn’t alone in this, as the entire cryptocurrency market felt the pressure. At one point, before recovering to the current levels, the market capitalization had lost more than $120 billion. It managed to rebound and reclaim the $1 trillion mark at the time of this writing.
- This volatility resulted in massive liquidations. Data shows that almost $800 million in both long and short positions were liquidated in the past 12 hours alone. This number goes up to $1.45 billion on a 24-hour scale.
- The largest single liquidation order happened on BitMEX on the ETH perpetual contract and it was worth a whopping $22.24 million.