Almost $500M in Liquidations as Bitcoin (BTC) Dumped to $64K and Alts Bled Out
Over $100 billion disappeared from the total crypto market cap at one point.
Bitcoin faced tons of volatility on Monday, especially during the night, and dumped to a new monthly low of $64,000.
The altcoins’ fluctuations were similar, with numerous massive declines, resulting in 190,000 traders getting wrecked on a daily scale.
The primary digital asset had a quiet weekend which it spent at around $66,000. Monday’s start was also underwhelming but the cryptocurrency started gaining traction later on during the day.
It jumped to a local peak of just over $67,200 before the bears took complete control of the market and initiated a notable price drop.
In a matter of minutes, bitcoin slumped by over three grand and fell to its lowest position since May 15 of $64,000 (on Bitstamp). It has managed to bounce off in the following hours and now sits close to $66,000.
The altcoins’ performances were quite similar, with substantial price drops from many. Despite recovering some ground, SHIB and DOGE are still around 10% down on the day. SOL, AVAX, LINK, ADA, and DOT have plummeted by 7-9%.
ETH is down to $3,450 after dumping to $3,330 earlier today. More losses come from NEAR, UNI, MATIC, WIF, FIL, FET, and others.
This massive volatility has harmed over-leveraged traders, as more than 190,000 of them have been wrecked in the past day. The total value of liquidated positions sits above $480 million within the same timeframe.
The largest single liquidated order happened on Binance. It was worth $6.44 million and involved the ETH/USDC trading pair, according to CoinGlass.
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