With the total value of the liquidations exceeding $350 million in the same time frame, the number of traders liquidated on a daily scale has grown to almost 100,000. This comes as BTC and the rest of the market have fallen once again.
- as cryptopotato Reportedly, the past week was quite quiet in terms of trading for bitcoin and altcoins. The primary cryptocurrency was hovering around the $30,000 mark with some attempts to cross that level, but to no avail.
- Each rejection was met with a minor retracement that eventually brought the asset back under $30,000.
- However, the situation worsened in the last 24 hours. BTC started dumping hard and fell all the way to $28,000 just a few hours ago. This has become its lowest price point since the last major crash on May 13.
- Altcoins are suffering even more. Ethereum is down 10% on the day and struggled below $1,800 after touching $2,100 two days ago. Binance Coin dropped to $300, while Solana, Polkadot, Avalanche, NEAR Protocol, Chainlink and a few others saw double-digit declines.
- According to data from Coinglass, this increased volatility has caused pain for over-leveraged traders, somewhat as expected.
- The total liquidation as of writing these lines on a 24-hour scale is up to $370 million. The number of trades that are liquidated is only 100,000. The most significant individual losses occurred on OKX (worth $3 million), and involved the trading pair – ETH/USDT.
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