Bitcoin took a sudden drop by over $1,000 and took most of the altcoins with it south.
The liquidations have skyrocketed to over $400 million on a daily scale. Moreover, they are north of $200 million in the past hour alone, as BTC and the altcoin field dumped suddenly.
The primary cryptocurrency was already experiencing some pressure as it dropped to a weekly low of $23,200 yesterday, as CryptoPotatoreported.
It remained there for most of the trading day but started losing value fast in the past few hours. It firstly declined to $22,800 before another price drop took it south to below $21,500 (on Bitstamp). The latter became the asset’s lowest price point in over three weeks.
As of now, it has bounced off and stands close to $22,000. However, most altcoins are also deep in the red.
Ethereum is down by 5% and struggles at $1,750. The rest of the larger-cap alts have dumped by more substantial percentages, many by double digits.
Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Polygon have seen up to 15% of their value gone in hours.
This enhanced volatility has harmed over-leveraged traders. The total liquidations on a daily scale are over $400 million as of now. In the past hour alone, they are north of $200 million.
Coinglass data also shows that the total traders wrecked are almost 150,000, and the single-largest liquidated order happened on Binance and actually involved Ethereum (ETH).
Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn
