Most altcoins have also turned red now, with LTC slumping by over 5% on a 24-hour scale.
Bitcoin charted a new 13-month high at precisely $31,500 earlier today but was sharply rejected at that point and pushed down hard by $1,500.
This has resulted in a lot of pain for over-leveraged long traders, as the total value of liquidations has shot up to over $140 million in a day.
CryptoPotatoreported earlier today BTC’s voyage to $31,000, which actually resulted in the asset breaking above that level and tapping $31,500 (on Bitstamp) for the first time in over a year.
This notable price surge comes amid growing interest in the asset, especially after BlackRock, and several other financial giants, filed to launch a spot Bitcoin ETF.
However, the tides quickly changed in the following hours as BTC was not only unable to continue upwards or remain at that level but was sharply driven south.
In a matter of an hour, the cryptocurrency plummeted by over $1,500 and slipped to just under $30,000.
Several altcoins have suffered as well, with ETH dropping below $1,900, while ADA, MATIC, AVAX, and DOGE have slumped by 3%.
Litecoin, on the other hand, has dumped by almost 6% in a day and has nosedived beneath $100. BCH and LEO remain among the few larger-cap alts still in the green.
This enhanced volatility has resulted in over $140 million worth of liquidations, according to CoinGlass. Somewhat expectedly, over 93% of all 46,000 wrecked traders have had long positions.
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
