In the last day, over 150,000 traders have seen their positions liquidated, indicating a tumultuous period in the cryptocurrency market.
Bitcoin, after a period of relatively stable trading, has experienced a sharp decline, falling to its lowest point in 9 days at $66,000. This downturn has made a significant impact, marking one of the largest drops in recent times.
Altcoins are facing an even tougher time, with some, including Dogecoin, Shiba Inu, Bitcoin Cash, and Avalanche, experiencing severe losses in value, some of which are in the double-digit percentages.
Before this downturn, Bitcoin’s value was relatively steady, hovering around $70,000, though it struggled to push past the $71,000 mark. This stability was disrupted, starting with a slight decrease below $68,500, which initially appeared to recover before taking a sharper dive.
During the early hours of Tuesday’s trading session in Asia, Bitcoin’s value quickly dropped by $4,000, hitting a 9-day low of $66,000. Although it has regained some value, Bitcoin remains over 5% down from its previous day’s value, currently trading at about $66,500.
The decline has been even more pronounced among altcoins like Dogecoin, Avalanche, Shiba Inu, and Bitcoin Cash, with the latter facing a notable drop ahead of its anticipated second halving.
Other major cryptocurrencies such as ETH, BNB, SOL, ADA, TON, XRP, and DOT have also seen significant losses. These sharp price movements have resulted in a large number of traders being caught off-guard, culminating in over 150,000 liquidations.
The total value lost in these liquidations has exceeded $500 million, highlighting the scale of the market’s volatility. The largest of these liquidations occurred on the OKX exchange, involving an ETH-USD-SWAP trade worth $7.5 million.
This wave of liquidations and market shifts underscores the volatile and unpredictable nature of the cryptocurrency market, affecting a wide range of digital assets and their investors.
