Over 150,000 traders faced liquidation within the last 24 hours.
Following a period of stagnation, Bitcoin’s value took a significant nosedive, reaching a 9-day trough of $66,000.
Altcoins have fared even worse, experiencing considerable declines. Notably, Dogecoin, Shiba Inu, Bitcoin Cash, and Avalanche have seen their prices fall sharply.
The report from CryptoPotato indicated a lackluster performance by Bitcoin, which had been trading around $70,000 after it struggled to surpass the $71,000 mark. The trend shifted during the trading hours when Bitcoin slightly dipped below $68,500 but managed to bounce back. However, the situation deteriorated in the early hours of Tuesday’s Asian trading session.
Bitcoin’s price swiftly dropped by $4,000, hitting a 9-day low at $66,000. Although it has recouped some of its losses, Bitcoin’s price is still down by over 5%, currently sitting at approximately $66,500.
The plunge in altcoins is more pronounced. Cryptocurrencies like Dogecoin, Avalanche, Shiba Inu, and Bitcoin Cash have experienced significant double-digit percentage losses over the last day, with Bitcoin Cash’s fall noteworthy as it precedes its impending second halving.
Other cryptocurrencies, including ETH, BNB, SOL, ADA, TON, XRP, and DOT, have also seen their values plummet. These drastic price movements have resulted in a substantial number of trader liquidations, exceeding 150,000 as per CoinGlass data.
Liquidations over the past day have amounted to more than $500 million, with the largest single liquidation event occurring on OKX, involving an ETH-USD-SWAP trade valued at $7.5 million.