The bottom is not in sight yet, as Bitcoin fell below $25,000 for the first time since December 2020. Altcoins are expected to continue to suffer more with several double-digit losses. Thus, liquidations are again up to half a billion.
- A lot can change in the cryptocurrency markets in a week, and this has happened in the last seven days. Crypto Potato reported on BTC’s attempts last week to break $32,000 as the asset rose to and above that level several times.
- However, it failed there and returned to a familiar price of around $30,000, where it remained until Friday. The latest US inflation data was down $1,000, but the worst was yet to come.
- Over the weekend, BTC dropped another few thousand dollars, and the last 24 hours have brought even more pain. Earlier today, Bitcoin fell below $25,000 for the first time in 18 months.
- Ethereum is also one of the biggest losers (again). A week ago, ETH was above $2,000, but now it has fallen to $1,300. This means that the second largest cryptocurrency is currently below the 2018 ATH.
- Even more losses are seen as ADA, SOL, DOGE, DOT, TRX and AVAX fell by about 10% or more on the day.
- All this heightened volatility once again caused massive pain for over-leveraged traders as the number of people crashed reached 180,000.
- The total amount of liquidations on a daily basis again exceeds $500 million. The difference from yesterday is that BTC-related positions account for the majority ($210 million), while ETH – the leader of the past two days – comes second in this unfavorable $160 million pie.
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Credit : cryptopotato.com