Bitcoin Plunged to $35K: $680M Liquidated in 12 Hours

The recent market correction doesn’t seem to be a one-day thing, as the entire crypto space is covered in red once more. Consequently, over-leveraged traders continue to get liquidated with almost $700 million in hours.

• CryptoPotato reported yesterday’s market crash in which bitcoin dumped by $5,000 in a day to a six-month low at $38,000. The altcoins had it even worse, with ETH losing the coveted $3,000 price point.
• This enhanced volatility caused about $700 million worth of liquidations on a 24-hour scale.
• While the bulls were expecting some sort of brief recovery today, the landscape has only worsened.
• Bitcoin sat around $38,000 for a while before another dump drove it to its lowest price position since the end of July at around $35,000.
• As with yesterday, the situation with the altcoins is even worse. Double-digit price drops are evident almost everywhere.
• Ethereum is down by 12% to $2,500, Binance Coin (-16%), Solana (-17%), and many others. Terra is among the worst performers, with a 25% dump to below $60. Shiba Inu’s plummet is somewhat similar.
• As a result, the liquidations are on the rise again. Data from Coinglass (formerly Bybt) shows that more than $680 million were liquidated in the past 12 hours. On a daily scale, the number is close to $1 billion.
• In total, 270,000 traders have been liquidated in this timeframe, with the largest single order happening on Bitmex and was worst more than $9 million.