Bitcoin’s price troubles continued in the past 24 hours as the asset plunged to its lowest position since January 13 of just over $90,000. Thus, the cryptocurrency has lost over nine grand since Friday’s peak.
The total value of liquidated positions is expectedly on the rise, surpassing the $1 billion mark. Naturally, long positions dominate.
Recall that the primary cryptocurrency was climbing steadily last Friday and tapped a weekly peak of $99,500 following positive news from Coinbase in regards to its two-year-long litigation against the SEC.
However, the situation quickly changed after the largest hack in the cryptocurrency industry, in which over $1.4 billion, mostly in ETH, was siphoned off Bybit.
BTC, alongside the rest of the market, reacted immediately with a price fall to $95,000. After a calm weekend spent at over $96,000, bitcoin took another minor hit on Monday and slipped to $94,000.
The bears were not done yet as they initiated another substantial leg down on Tuesday morning that drove the cryptocurrency to a six-week low of just over $90,000 (for now). Consequently, this put BTC’s losses since Friday at over $9,000 even though many analysts have remained unfazed.
As expected, the altcoins have it even worse. Massive double-digit price declines are evident from ETH, DOGE, SOL, LINK, ADA, XRP, XLM, AVAX, LTC, and many, many others.
This enhanced volatility has resulted in a mindblowing value of liquidated positions on a daily scale, which is at just over $1 billion now. $950 million came from long positions, while the single-largest liquidations occurred on Binance and was worth $15 million.
Over 310,000 traders have been wrecked in the past day, shows data from CoinGlass.