Crypto Liquidations Explode to Over $2.2 Billion as Bitcoin (BTC) Dumped by $10K Daily

The geopolitical uncertainty caused by the new US president over the weekend had an impact on the cryptocurrency market, which is always available for trading. 

Bitcoin’s price fell by ten grand in a day to an intraday low of $91,500, while altcoins experienced enormous double-digit price losses, resulting in billions of liquidations.

CryptoPotato highlighted the negative events that began on Sunday morning, when BTC fell below the coveted $100,000 threshold after Trump placed tariffs on China, Canada, and Mexico, and those countries declared their reaction.

Although that was a traumatic crash in and of itself, it proved to be only the beginning. BTC continued to fall on Sunday, but it hovered between $97,000 and $98,000.

However, the stock suffered more losses in the Monday morning Asian trading session, falling to $91,500, its lowest level since the January 13 massacre.

This indicates that the largest cryptocurrency had lost more than $10,000 in the last 24 hours. Furthermore, it fell by $15,000 since Friday’s high of more than $106,000. 

The violence, though, has spread a lot more among the altcoins. There’s almost no alt sitting with a single-digit price drop, aside from Solana (-8%).

The remainder, including ETH (-20%), XRP (-23%), BNB (-15%), DOGE (-24%), ADA (-25%), LINK (-21%), AVAX (-24%), and XLM (-20%), have lost billions of dollars in market capitalization, while the overall crypto market cap has fallen by more than $400 billion. 

According to CoinGlass data, the total value of destroyed positions during the bloodbath has increased to much over $2.2 billion every day. More than 700,000 traders have been liquidated in the same span, with Binance holding the single-largest position. It concerned the ETH/BTC pair, which has dropped to a multi-year low and was worth more than $25 million. 

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