Liquidations exceeding $400 million on a 24-hour scale as Bitcoin price slumped by about $3,000

By Selena On Feb 22, 2022

Bitcoin’s free fall continues with the asset dumping to a three-week low. Most altcoins are even more affected. At the time of writing, Bitcoin price is changing hands at $37,213.

BTC/USD 4-hour chart | Source: TradingView

$400 million in liquidations in 24 hours as Bitcoin price dropped to $36,000

The latest intensification of volatility in the crypto market has caused significant pain to over-leveraged investors, with liquidations exceeding $400 million on a 24-hour scale. This happened as BTC dropped around $3,000 in a single day.

It’s safe to say that the crypto scene has had better days as around $400 billion has been evaporated from the entire market capitalization in less than a week. With the terms “crypto winter” and “bear market” continuing to swirl in the community, bitcoin’s situation has only gotten worse since yesterday.

The asset lost the coveted $40,000 mark and plummeted to $38,000 before a sudden and brief price pump pushed it north of a billion. This was short-lived, however, and BTC dumped again — this time to just over $36,000, becoming a new low since Feb. 3.

Altcoins are even more outflowing. Double-digit price drops are evident from XRP, Cardano (ADA), Avalanche (AVAX), Dogecoin (DOGE), Solana (SOL), and many more. Ethereum and Binance Coin (BNB) are among the few whose price drops are still in single digits, but both are red anyway.

Somewhat predictably, this increased volatility has skyrocketed liquidations and the number of traders being liquidated.

Source: Coinglass

Coinglass data shows $400 million worth of liquidations since yesterday from over 120,000 traders. The most significant single order happened on OKEx and was only worth $4 million.

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