Over $1.4 Billion in Liquidations as Bitcoin (BTC) Dumps by $6K in Hours
Bitcoins latest price rejection at the coveted $100,000 mark has pushed the asset south hard, dumping by about six grand in hours.
The altcoins followed suit with massive losses from most of them, including double-digit price declines from WIF, TIA, FIL, APT, LTC, and others.
Shortly after CryptoPotatos Market Watch from the morning, BTC actually went on the offensive and jumped above $100,000. However, that was short-lived, and the asset slumped below it almost immediately.
It lost a few grand and calmed at $98,000 in the following hours before the bears were able to take complete control of the market minutes ago and propelled a massive leg down.
In it, BTCs price tumbled by four grand within an hour or so and dumped to a multi-day low of $94,300 (on Bitstamp). It managed to bounce off immediately and now sits close to $97,000, but the landscape is quite worrisome for over-leveraged traders.
Data from CoinGlass shows that the total value of wrecked positions in the past 24 hours has shot up to nearly $1.5 billion. Moreover, the number is close to $900 million in the last hour alone. More than 500,000 market participants have been wrecked in the past day.
The altcoins faced similar volatility, with numerous massive losers over the past 24 hours, as mentioned above. In fact, the single-largest wrecked position involved ETH and was worth nearly $20 million.
The total crypto market cap went from $3.750 trillion to under $3.5 trillion before it recovered some ground at $3.610 trillion as of press time.
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