Another liquidation disaster arrives as Bitcoin falls to its lowest price since July of last year.
More carnage swept through the crypto markets today, with another $300 million worth of trades liquidated within an hour. This happened as Bitcoin’s price plunged as low as $31,000 – its lowest level since July 2021.
According to Glassnode, exactly $314.3 million in trades have been cleared within the last hour and $724.99 million within the last 24 hours.
Interestingly, about half of the lost positions were on ETH trades ($154 million) while significantly less were lost on BItcoin trades ($92 million).
Bitcoin was trading above $34,000 at the start of Monday, yet steadily descended throughout the day. Between 16:15 and 17:00 UTC, it then collapsed by $1500 down to $30,990, before rebounding to $31,800 at the time of writing.
With the recent fall, over $300 billion have been wiped from the crypto markets within just four days. At its current price, Bitcoin’s market capitalization is now only $600 billion, despite being a trillion-dollar asset back in December.
Today also marks Bitcoin’s 6th consecutive red weekly candle – a bearish trend not seen since 2014.
Analysis from Glassnode reveals that Bitcoin exchange inflow volume is at a 3 month high right now. That means that large holders are likely planning to sell their coins, or have already.
The last large market liquidation was on Thursday when over $100 million in trades were cleared in an hour following Bitcoin’s descent below $37,000.
Andrew is content writer with a passion for Bitcoin. He became familiar with Bitcoin back in 2013, but began diligently studying the blockchain technology and its economic implications in 2017. Ever since, he’s believed in the network’s power to replace the current global monetary system, and provide financial freedom to billions worldwide.
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