$1.25 Billion in Liquidations as Bitcoin Price Briefly Dips Below $21K

The cryptocurrency market downturn continues with no signs of slowing down. Bitcoin dipped below $21K, leaving around $1.24 billion in total liquidations over the past 24 hours.

• The bloodbath in the cryptocurrency market continues, and it doesn’t seem to show any signs of slowing down.
• At the time of this writing, BTC is trading at around $21,900, down 15.6% on the day.

Source: Binance via TradingView

• This has left a whopping $1.24 billion in liquidations over the past 24 hours across the entire market, according to data from Coinglass.
• The bulk of it is coming from Bitcoin, clocking in at over $600 million. Ethereum is a close second with slightly below $480 million at the time of this writing.
• Ethereum also fell below $1.1K briefly but managed to recover to where it’s currently trading at slightly below $1.2k.
• The largest single liquidation order took place on BitMEX – it was an XBTUSD perpetual contract with a face value of over $4.4 million.