$500M Liquidated as Bitcoin Crashes to December 2020 Price Below $25K
No bottom is in sight yet, as bitcoin slumped below $25,000 for the first time since December 2020. Expectedly, the altcoins keep suffering more with several double-digit losers. As such, the liquidations are up to half a billion again.
A lot can change in the cryptocurrency markets in a week, and it did so in the past seven days. CryptoPotato reported last week’s BTC attempts to overcome $32,000 as the asset spiked to and beyond that level on a few occasions.
However, it failed there and returned to a familiar ground of around $30,000, where it remained until Friday. The latest US inflation numbers pushed it south by $1,000, but the worst was yet to come.
During the weekend, BTC slumped by a few thousand dollars more, and the past 24 hours brought even more pain. Earlier today, bitcoin fell below $25,000 for the first time in 18 months.
Ethereum is also one of the most substantial losers (again). ETH stood above $2,000 a week ago, but it’s now down to $1,300. This means that the second-largest crypto is currently below the 2018 ATH.
Even more losses are evident from ADA, SOL, DOGE, DOT, TRX, and AVAX are down by around or more than 10% in a day.
All this enhanced volatility brought mass pain for over-leveraged traders once again, as the number of wrecked ones is up to 180,000.
The total liquidations on a daily scale exceed $500 million once again. The difference with yesterday is that the BTC-related positions account for the majority ($210 million), while ETH – the leader in the past two days – has the second-largest share of this adverse pie with $160 million.