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Home » Crypto News » Over $500M Liquidated As Bitcoin Drops Back Under $30k 

Over $500M Liquidated As Bitcoin Drops Back Under $30k 

Author: Andrew Throuvalas

Last Updated Jun 1, 2022 @ 21:19

Most liquidations occurred on Bitcoin trades, despite most altcoins falling more steeply than Bitcoin across the day. 

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It would seem that Bitcoin’s rally earlier this week was short-lived. The top cryptocurrency has again descended below $30,000, liquidating over half a billion dollars in leverage trades during the fall.

  • According to BitStamp data, Bitcoin’s price held steady at about $31,781 until approximately 14:00 UTC on Wednesday.
  • Over the next three hours, the price rapidly fell to $29,967, but quickly recovered back above $30,000, temporarily halting its descent.
  • However, the price buckled from its support at about 20:25, rapidly falling to $29,366 within just 5 minutes. It has since rebounded slightly, up to $29,657 at the time of writing.
  • Its collapse left long traders across the crypto market in shambles. Data from CoinGlass shows that over $88 million has been liquidated in the past hour and $587 million over the past day.
  • A majority of the liquidations – $350 million worth – occurred on Bitcoin trades, with relatively smaller amounts cleared from altcoins.
  • Altcoins have performed worse than Bitcoin in the past 24 hours, with coins like Ethereum and Cardano down 8.44% and 9.57% respectively.
  • Meanwhile, Solana has collapsed a whopping 11.66%, possibly due to the over 7-hour network outage that validators are yet to resolve.
  • BitStamp indicates that Bitcoin closed its 9th negative weekly candle in a row on Monday. As is typical in bear markets, Bitcoin’s market dominance is growing relative to the altcoin space.
  • The last liquidation event of this size took place in mid-May when over $1.2 billion was cleared within a day as Bitcoin reached a record low below $26,000.
BTC / USD. Source: TradingView
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Tags: Bitcoin Bitcoin (BTC) Price
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About The Author

Andrew Throuvalas
More posts by this author

Andrew is a 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.
Contact: Medium | LinkedIn | Twitter

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