Over $100 Million Liquidated in an Hour as Bitcoin Dumps by $1.5K

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.
• 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).