Connect with us

Plato Vertical Search

Blockchain

$500 Million in Liquidations as Bitcoin Struggles Around $42K

The liquidations in the crypto market skyrocketed to nearly $500 million in the past 24 hours as BTC fluctuated around $42K.

The enhanced volatility in the digital asset space hit again in the past few days, and the total amount of daily liquidations jumped to half a billion.

  • It’s safe to say that the cryptocurrency market has seen better days. Bitcoin, for example, traded around $47,000 for several consecutive days until 36 hours ago.
  • At that point, the bears, perhaps fueled by a Fed announcement in terms of its balance sheet, pushed the asset south vigorously.
  • It initially dumped by $4,000 to around $43,000, as reported yesterday, but the landscape worsened today following another nosedive to $41,000.
  • The latter became BTC’s lowest price line in more than three months. The altcoins are in no better situation as Ethereum sits at $3,200 – just two days ago, the second-largest crypto traded above $3,800.
  • Overall, the entire market cap has declined by nearly $300 billion in two days and is well below $2 trillion now.
  • This enhanced volatility caused pain for over-leveraged traders. Data from Coinglass (formerly Bybt) shows that the total liquidations on a daily scale are just shy of $500 million.
  • The number of traders liquidated is around 130,000, while the largest single liquidation order was on Bybit – worth over $5 million.

Web3 Reimagined. Data Intelligence Amplified. Click here to access.

Source: https://cryptopotato.com/500-million-in-liquidations-as-bitcoin-struggles-around-42k/

Advertisement

Latest Blockchain Streams

Blockchain

Bullish GRT price prediction is $0.7922 to $1.67. GRT price might also reach $2 soon. GRT bearish market price prediction The post has appeared...

Blockchain

For years now, some investors have preferred to hold their wealth in cryptocurrencies like bitcoin and ethereum as opposed to cash. As cryptocurrencies become...

Blockchain

QANplatform, a quantum-resistant Layer 1 hybrid blockchain platform that enables the creation of quantum-resistant innovations in any programming language has launched its TestNet following...

Blockchain

Seattle, United States, 18th January, 2022, Chainwire Stably, a US venture-backed stablecoin and asset tokenization infrastructure provider, announced it has The post has appeared...