The current market drop appears to be more than a one-day event, as the entire crypto ecosystem is once again in the red. As a result, over-leveraged traders continue to lose around $700 million in a matter of hours.
According to reports, yesterday’s market crisis saw bitcoin drop $5,000 in one day to a six-month low of $38,000. The cryptocurrencies fared much worse, with ETH failing to reach the coveted $3,000 price level.
On a 24-hour basis, this increased volatility resulted in $700 million in liquidations.
While the bulls were hoping for a quick turnaround today, the situation has only become worse.
Bitcoin hovered at $38,000 for a time before plummeting to around $35,000, its lowest price since the end of July.
The situation with altcoins is even worse than it was yesterday. Price decreases in the double digits can be found practically everywhere.
Binance Coin (-16%), Solana (-17%), and many other coins have dropped by 12 percent to $2,500. Terra has been one of the poorest performers, with a 25% drop to under $60. The decline of the Shiba Inu is comparable.
As a result, liquidations are once again on the rise. According to Coinglass (previously Bybt) data, almost $680 million has been liquidated in the last 12 hours. On a daily basis, the figure approaches $1 billion.
In total, 270,000 traders were liquidated over this time period, with the highest single order occurring on Bitmex and costing more than $9 million.
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