Bitcoin has dropped dramatically by more than $1,000 and sent most altcoins to an extreme price.
The liquidations have skyrocketed to over $400 million. Moreover, their price is at a high level, about $ 200 million. But only in the last hour, when BTC and altcoins were suddenly dumped.
BTC came under some pressure as it dropped to a weekly low of $23,200 yesterday.
It remained there for most of the trading day but began to depreciate rapidly over the past few hours. It first dropped to $22,800 before another price drop brought it below $21,500, then became BTC’s lowest price in more than three weeks.
As of now, it has bounced and stands near $22,000. However, most altcoins are also in the red.
Ethereum is down 5% and struggling at $1,750. The rest of the altcoins with larger capitalizations were dumped as a percentage.
Cardano, Solana, Dogecoin, Polkadot, Shiba Inu, Avalanche, and Polygon saw 15% of their value disappear in a matter of hours.
This increased volatility has harmed traders who use excessive leverage. The total amount of liquidation on a daily scale is more than $400 million as of now. In just the last hour, they have reached $200 million.
Coinglass’s data also shows that the total number of traders destroyed is almost 150,000 and a huge number of orders are liquidated on Binance.