Bitcoin dropped to $58K and triggered over $320 Million in liquidations
In the last day, the trajectory of Bitcoin's valuation saw a sharp decline, plunging to a low not seen in 9 days, barely crossing the $58,000 mark.
Simultaneously, major losses were observed across the board with alternative cryptocurrencies, including ETH, SOL, DOGE, LINK, AVAX, SHIB, to name a few, with the total liquidations surpassing the $300 million threshold.
On a Monday morning, Bitcoin aimed for $65,000 but couldn't sustain its momentum, quickly retracting to $64,000. Entering Tuesday with minimal fluctuations, the situation took a turn as the digital currency dipped to $63,000.
Yet, it was the subsequent 12 hours that marked the dramatic downturn for Bitcoin, as it nosedived to $58,100 on Bitstamp – a figure last seen on August 19.
Although there has been a slight recovery to $59,500, Bitcoin still marks a 6% decrease for the day, with its market valuation dropping from $1.240 trillion to $1.170 trillion.
Alternative coins faced even harsher fates. Ethereum has fallen by over 8%, struggling to stay above $2,500. Cryptocurrencies like SOL, DOGE, AVAX, SHIB, BCH, DOT, and LINK noted up to 8% in losses.
Other cryptocurrencies, including MATIC, SUI, FET, TAO, and PEPE, have seen their values diminish by double digits. This has stripped the cryptocurrency market of over $100 billion in value on a daily basis.
This whiplash in the market has particularly impacted traders using high leverage, with close to 90,000 facing liquidation over the last 24 hours, pushing the loss total beyond $320 million. The most significant single liquidation occurred on Binance, tallying at over $12.5 million.
