Over $600 Million in Liquidations as Bitcoin Dumped to $17.5K
The crypto markets are in chaos again, and the liquidations have skyrocketed to over $600 million in the past 24 hours.
It’s safe to say that the crypto industry has seen better days. Aside from projects and hedge fund failures looming in, the prices have tumbled, and the past 24 hours brought only more pain. As such, the value of liquidations and the number of wrecked traders are on the rise again.
- Following a painful week, in which BTC lost roughly $10,000 of value and plummeted to just over $20,000, this weekend started on yet another negative note.
- The primary cryptocurrency lost the coveted $20,000 line and even dropped below the 2017 ATH on Saturday morning and has failed to bounce back up as of writing these lines. Moreover, it even dipped to $17,500 a few hours ago.
- The alternative coins have suffered even more, with multiple double-digit losses evident from the likes of ETH, AVAX, BNB, and more. Ethereum, in fact, also lost a round-numbered milestone, dropping below $1,000.
- The entire crypto market cap has seen almost $100 billion gone since Friday evening and is just over $800 billion now.
- This enhanced volatility has resulted in a lot of pain for over-leveraged traders. Data from Coinglass shows that the number of liquidated traders is north of 160,000 on a daily scale.
- At the same time, the total wrecked positions are worth over $600 million, with the largest single one occurring on Bitmex ($7.5M) with the ETH/USD trading pair.
- Bitcoin positions account for almost half of all liquidations ($300 million), and ETH sits second with $200 million.