The latest enhanced volatility in the cryptocurrency market caused significant pain for over-leveraged investors, with liquidations exceeding $400 million on a 24-hour scale. This comes as BTC slumped by about $3,000 in a day.
It’s safe to say that the cryptocurrency landscape has seen better days as roughly $400 billion has been evaporated from the entire market cap in less than a week.
With the terms “crypto winter” and “bear market” continuing to swirl within the community, bitcoin’s situation only worsened since yesterday.
The asset had already lost the coveted $40,000 mark and plummeted to $38,000 before a sudden and brief price pump drove it north by a grand. However, this was short-lived, and BTC dumped once more – this time to just over $36,000, which became the new lowest price point since February 3rd.
The altcoins have bled out even more. Double-digit price drops are evident from Ripple, Cardano, Avalanche, Dogecoin, Solana, Shiba Inu, MATIC, CRO, and many others.
Ethereum and Binance are among the few whose price declines are still only by single digits, but both are deep in red nonetheless.
Somewhat expectedly, this enhanced volatility has skyrocketed the liquidations and the number of liquidated traders.
Coinglass data shows $400 million worth of liquidations since yesterday from more than 120,000 liquidated traders. The single-largest order happened on OKEx and was worth just shy of $4 million.