$150M in Liquidations as Bitcoin Dumped to 2-Month Low: Market Watch

0M in Liquidations as Bitcoin Dumped to 2-Month Low: Market Watch


The landscape around bitcoin took another turn for the worse in the past 24 hours as the asset fell to its lowest price position in almost two months.

The altcoins are in no better shape, with ETH, MATIC, SHIB, DOT, LDO, and many others dumping hard in the past 48 hours.

Bitcoin Falls Toward $26K

Bitcoin was trading sideways for a few days until Tuesday and sat calmly around $27,500, anticipating the US CPI announcement, which was scheduled for Wednesday. Once the numbers came out and it turned out that the inflation increase is slightly lower than expected, the cryptocurrency actually went on the offensive and spiked by $800 to just under $28,400.

However, that was short-lived, and BTC fell hard in the following hours to under $27,000. Despite recovering some ground at first, the asset started losing value once again in the past 24 hours.

This culminated in a drop to $26,100 (on Bitstamp) early today, which was bitcoin’s lowest price position since mid-March. Despite recovering a few hundred dollars since then, BTC is still over 4% down on the day.

As such, its market cap has slipped to $510 billion, and its dominance over the alts has taken a hit and is down to 46.3%.

Somewhat expectedly, the enhanced volatility has resulted in roughly $150 million in liquidations on a daily scale, according to CoinGlass.

BTCUSD.  Source: Trading View
BTCUSD. Source: Trading View

Alts in Red

Ethereum is another notable loser in the past 48 hours. despite the declining amount of ETH sitting on exchanges, the asset’s price has slumped by $250 in this timeframe to drop to a 6-week low registered earlier today.

Binance Coin is close to breaking below $300 after a 2.3% daily drop. MATIC, DOGE, SOL, DOT, TRX, LTC, and SHIB are also well in the red from the larger-cap alts. Interestingly, XRP is the only alt with a minor daily increase.

Further losses are evident from TONCOIN and LDO – both are down by around 6%.

In total, the crypto market cap has seen $40 billion gone daily, and the metric is at just over $1.1 trillion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making investment any decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source link

Leave a Comment