Bitcoin fell from several thousand dollars in a matter of hours to a low of less than $ 55,000 in six weeks. Most of the cryptocurrency market has experienced an even more severe crash. Hourly liquidations exceeded $ 300 million.
- It was yesterday when the major cryptocurrency broke above $ 59,000 for the first time in days and was targeting $ 60,000. As with the few previous attempts, however, it failed to challenge this coveted level.
- On the contrary, BTC returned to around $ 58,000, where it held up for a while. However, as reports began to emerge of a new mutated variant of COVID-19, the price of the asset began to fall.
- In just an hour, bitcoin lost over $ 3,000 in value and fell below $ 55,000 for the first time since October 13.
- The situation with the rest of the digital asset market is quite similar, if not worse. Ethereum fell to $ 4,100, which is a daily drop of 5%.
- Solana, Polkadot, Dogecoin, Avalanche, CRO, Litecoin and Ripple lost even more substantial value shares – between 9% and 15% in 24 hours.
- Predictably, this increased volatility has caused pain for leveraged traders. Data on the channel shows liquidations soared to over $ 300 million in an hour and to over $ 600 million on a daily scale.
- The largest liquidated order occurred on Bybit. It was worth $ 12 million and involved the second largest crypto – ETH.
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