Over $200 Million Liquidated as Bitcoin Gets Rejected at $32K

Bitcoin failed at $32,000 and brought all the altcoins with it south, resulting in another market-wide retracement. Thus, the liquidations and the number of liquidated traders skyrocketed.

• Yesterday was a highly positive day for the cryptocurrency market, with bitcoin leading the day following a surge to almost $32,000. The altcoins experienced some notable increases as well, led by Solana and Cardano.
• However, as it has happened quite a few times in the past several weeks, it turned out to be a false breakout. Instead of heading further north, BTC plummeted by nearly $3,000 in hours and dropped all the way down to $29,000.
• The altcoins are in no better shape, with SOL, BNB, ADA, AVAX, and many others losing double-digit percentages in a day.
• Overall, the cumulative market cap of all crypto assets is down by $90 billion in a day to just over $1.2 trillion.
• Data from Coinglass shows that this enhanced volatility liquidated almost 80,000 traders in the past 24 hours. The total value of wrecked positions is well over $200 million.

Cryptocurrency Market Overview. Source: Quantify Crypto