The recent market correction does not seem like a thing of a day, as the entire crypto space is once again in the red. As a result, over-leveraged traders continue to liquidate around $700 million in hours.
- cryptopotato Reported yesterday’s market crash in which bitcoin fell $5,000 in one day to a six-month low of $38,000. Altcoins were even worse off, with ETH losing the coveted $3,000 price point.
- This increased volatility caused liquidations worth approximately $700 million on a 24-hour scale.
- While the bulls were expecting some sort of brief recovery today, the scenario has only gotten worse.
- Bitcoin briefly sat around $38,000, before another dump pushed it to its lowest price position since late July, at around $35,000.
- As of yesterday, the situation for altcoins is even worse. Double-digit price declines are evident almost everywhere.
- Ethereum fell 12% to $2,500, Binance Coin (-16%), Solana (-17%), and many others. Terra is among the worst performers, with a 25% drop below $60. The plummet of the Shiba Inu is similar.
- As a result, liquidations are on the rise again. Data from Coingglass (formerly Bybt) shows that over $680 million was liquidated in the past 12 hours. On a daily scale, that number is closer to $1 billion.
- In total, 270,000 traders have been liquidated in this time frame, with the largest single order on BitMEX and the worst being over $9 million.
PrimeXBT Special Offer: Use this link and enter code POTATO50 to get 25% off on trading fees.