2 November 2024
$300M Liquidated In An Hour As Bitcoin Dumps Below $55K
Bitcoin dropped below $55,000, losing several thousand dollars in just a few hours to a six-week low. Most of the Cryptocurrencies have experienced a severe crash. Around $300 million liquidations have been performed.
Yesterday, Bitcoin crossed $59,000 for the first time in days and moved towards $60,000. The flagship Cryptocurrency tried to reach the levels, but it failed.
Bitcoin started its journey for $58,000, where it stood for a while, but as the news of the new mutated COVID-19 variant started coming up, the price of BTC tumbled.
As the Bitcoin price dropped, it lost more than $3,000 of value and traded below $55,000 for the first time since October 13th.
Currently, there is a bloodbath in the Crypto market, and the situation is worse. The second leading Cryptocurrency Ethereum is down to $4,100, which is a 5% daily drop.
In the last 24 hours, some of the popular Cryptocurrencies such as Polkadot, Dogecoin, Solana, Avalanche, CRO, Ripple, and Litecoin have crashed between 9% and 15%.
The volatility in the market has caused pain for traders of leverage. According to On-chain data, the liquidations have reached more than $300 million in an hour and over $600 million in a day.
Bybit recorded the largest single liquidated order worth $12 million in Ethereum.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.
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