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More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

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The price of Bitcoin has once again fallen below $22,000. As expected, this had its consequences for the crypto market participants. Most notable were the liquidations, which have risen sharply in the last 24 hours. More than 57,000 traders lost their positions in the last crash.

Bitcoin crash triggers $151 million in liquidations

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In the last 24 hours, over 57,000 traders have been liquidated on the cryptocurrency market. This resulted in the liquidation of assets totaling $151 million in the last day. The most notable of these was the liquidation of Ethereum.

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Ethereum, which led during the market recovery and rose above $1,600, led in short liquidations and now continues to lead in long liquidations. Ethereum liquidations alone have exceeded $70 million in the last 24 hours and $20 million in the last 12 hours.

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| TA: Bitcoin price is at clear risk of a sharp fall, indicators turn red

Others include bitcoin, which has only half the liquidation volume of Ethereum. In total, more than $30 million was liquidated in the last day, which is 1.38 thousand BTC. This is the second largest liquidation of a digital asset in the last 24 hours. Most liquidations were made by long traders (63.96%).

Bitcoin price chart from TradingView.com

BTC price falls below $22,000 | Source: BTCUSD on TradingView.com

FOMC hangs over the market

The recovery that rocked bitcoin and other cryptocurrencies was halted earlier in the week. Various factors are behind this decline, such as the announcement of earnings by large corporations and the demonstration that they have dumped a lot of bitcoins.

| TA: Ethereum stuck in key range, why $1480 is key

In addition, the FOMC meeting begins on Tuesday and the announcement is expected to be made on Wednesday. So overall, even though this week has been a big one for the financial market, it doesn’t necessarily mean that the market will see any good price movement.

Bitcoin also failed to beat its 200-week moving average and the resistance it encountered at that point brought the price to a lower support point. This marked a bearish trend for bitcoin, meaning that the digital asset is likely to experience $20,000 in the coming days.

Featured image from Finance Magnates, chart from TradingView.com

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Credit : www.newsbtc.com

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