The total liquidations in the cryptocurrency market have reached $1 billion as all assets have dumped in a matter of hours. Following new FUD from China, bitcoin slumped to a two-week low at just over $32,000, ETH below $2,000, and so on.
- After the somewhat positive weekend when BTC recovered some losses and traded at $36,000, the situation reversed quite rapidly.
- As CryptoPotato reported earlier, China’s third-largest state-run bank, the Agricultural Bank of China, said it had banned its customers from interacting with cryptocurrencies.
- As has happened on previous occasions when the world’s most populated nation displayed its negative stance on crypto, the market started to tumble.
- As a result, bitcoin dumped to a two-week low of just over $32,000. Most alternative coins followed with even more violent retracements.
- Ethereum plummeted by nearly $300 in a matter of hours to below $2,000. As such, the second-largest crypto dropped below that coveted level for the first time in almost a month.
- With most of the altcoins performing in a similar manner, the cumulative market cap of all digital assets lost over $120 billion in hours.
- Somewhat expectedly, the enhanced volatility in a relatively short period has caused massive pain for leveraged traders.
- According to Bybt, the total liquidations have skyrocketed to roughly $1 billion in the past 24 hours. Although BTC trades are responsible for more than 50% of the entire number, the largest single liquidation came from EOS.
- The unfortunate trader has lost more than $6 million on Huobi as the price of EOS slipped by 15% in a day.
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.
Source: https://cryptopotato.com/1-billion-in-liquidations-as-crypto-markets-lose-120b-in-a-day/
- &
- 000
- AI
- All
- Altcoins
- Assets
- Bank
- Bank of China
- Billion
- Bitcoin
- border
- BTC
- caused
- China
- code
- Coins
- content
- crypto
- Crypto Markets
- cryptocurrencies
- cryptocurrency
- cryptocurrency market
- Customers
- day
- digital
- Digital Assets
- dropped
- EOS
- ETH
- Fees
- First
- first time
- Free
- Futures
- HTTPS
- Huobi
- IT
- Level
- Limited
- Liquidation
- liquidations
- Market
- Market Cap
- Markets
- million
- offer
- Pain
- price
- Reading
- Share
- Short
- So
- Sponsored
- started
- time
- trader
- Traders
- trades
- Trading
- USDT
- Volatility
- weekend
More from CryptoPotato
Bitcoin Sees Historic Drop on Exchanges, Here’s What it Means
Source Node: 1904018
Time Stamp: Jan 18, 2023
Spotify Runs Pilot for Token-Enabled Playlists with NFT Partners
Source Node: 1975082
Time Stamp: Feb 23, 2023
Will Ripple (XRP) Price Skyrocket in 2024? Multiple Things to Consider
Source Node: 2425142
Time Stamp: Jan 3, 2024
21Shares Will Launch a Bitcoin ETP in the UK and France This Summer
Source Node: 907504
Time Stamp: Jun 7, 2021
Accumulation: Bitcoin Whale Addresses Reach 10-Month High
Source Node: 1193533
Time Stamp: Mar 1, 2022
Silicon Valley Bank Has a New Owner: Will Resume Work Today
Source Node: 2033583
Time Stamp: Mar 27, 2023
Crypto Regulation is Among Australia’s New PM Primary Concerns (Report)
Source Node: 1322780
Time Stamp: May 23, 2022
Seizing the Wealth Wave: Bitcoin Spark’s Launch in Bear Market Bottom
Source Node: 2363523
Time Stamp: Nov 3, 2023
Crypto Markets Rebound $130B: Bitcoin Recovers 5%, Shiba Inu Up 37% Since Yesterday’s Low
Source Node: 1151650
Time Stamp: Jan 23, 2022
Cardano Price Analysis: ADA Finds Support At Critical Level, Is $1 Retest Incoming?
Source Node: 1190586
Time Stamp: Feb 27, 2022
Bitcoin Correction to $34K Predicted as Grayscale Dumping Continues
Source Node: 2452613
Time Stamp: Jan 23, 2024