Mass Liquidation: 250,000 Traders Hit as Bitcoin Falls Below $100K
Bitcoin’s weekend took a wrong turn in the past 12 hours or so as the asset plunged below $100,000 for the first time since the Monday crash.
As expected, the altcoins have turned red as well, with substantial losses from the likes of LINK, SOL, AVAX, DOGE, and others.
Recall that the primary cryptocurrency had a strong end for the business week and, subsequently, the month, as its price stood above $105,000 and even challenged $106,000 on a couple of occasions.
However, the bears stepped up and didn’t allow a surge toward a new all-time high. Just the opposite, BTC slumped on Friday evening and Saturday morning to $102,000.
It maintained that level for most of Saturday but started to lose traction again in the past several hours. As a result, it dropped to $99,000, which became its lowest levels since the Monday correction that pushed it below $98,000.
As of now, the cryptocurrency stands about a grand higher and is striving to return within six-digit territory.
However, the altcoins have suffered a lot more, with SOL, DOGE, LINK, AVAX, LTC, and HYPE dumping by almost double-digits. Even more painful declines come from the likes of VIRTUAL (-19%), TAO (-15%), RAY (-13%), LDO (-13%), GALA (-13%), and TRUMP (-13%).
This enhanced volatility has led to more than $500 million in liquidations over the past day, and the number is north of $400 million within the last 12 hours alone. Nearly 250,000 traders have been wrecked on a 24-hour scale. The single-largest liquidation order took place on Binance. It was worth close to $12 million.
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