Bitcoin Dumped to a 4-Month Low, Liquidations Soar to Almost $1b 

The bullish narrative of this cycle has been put to the test recently, as the cryptocurrency sector continues to fall. Its overall market value fell below $2.7 trillion, with Bitcoin (BTC), Ethereum (ETH), and many other top digital assets plunging to multi-month lows. 

Several hours ago, the major cryptocurrency fell below $77,000 for the first time since November 2024. However, the bulls were able to arrest the freefall, and the price is now around $80,000 (according to CoinGecko data). 

For its part, ETH momentarily fell below $1,800, a level last seen at the end of 2023. Ripple (XRP), Cardano (ADA), Solana (SOL), and nearly every well-known cryptocurrency in the top 100 are also in the red. 

As expected, the recent slump harmed traders who had opened long positions with heavy leverage. According to CoinGlass, more than 330,000 of those were liquidated in the last 24 hours, totalling $950 million. 

BTC trades totalled around $318 million, Ethereum (ETH) accounted for $250 million, and Solana (SOL) contributed approximately $50 million.  

The largest single liquidation order occurred on Bybit. It featured the BTC/USDT trading pair and cost the victim a whopping $5.26 million.  

The coming days and weeks are expected to bring further volatility to the cryptocurrency market, with probable peace talks in Ukraine, the release of US CPI data, and the Federal Reserve’s FOMC meeting. 

Crypto-asset investments are high-risk; you may lose your capital.