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Bitcoin Tanks to 11-Day Low as Nearly $500M Liquidations Sweep the Market
The cryptocurrency market has been experiencing extreme volatility over the past few days. On Monday, Bitcoin’s price dropped to an 11-day low of $115,000, marking a significant correction in the asset’s value. This sudden downturn was accompanied by nearly $500 million in liquidations across the trading platforms.
As of now, it appears that almost all altcoins have followed suit, with ETH shedding approximately 3% and XRP plummeting to $3. SOL and DOGE have also experienced steep declines, dropping by 4-5%. The only exception has been LINK, which is surprisingly moving upwards by 5%.
The market’s recent performance can be attributed to various factors, one of them being the Ukraine-Russia war. Last Saturday, it was reported that Trump and Putin had failed to reach a conclusive deal on how to end the conflict. However, US President Trump did state that there has been “big progress on Russia,” and urged people to stay tuned for further updates.
On Sunday, he made another comment, stating that Ukrainian President Zelenskyy is the one who can stop the war from continuing if he so chooses. This assertion was made before Trump’s scheduled meeting with European leaders today, including Ukraine’s Zelenskyy.
As a result of these price movements, it appears that nearly 115,000 traders have found themselves in difficult positions, resulting in over $450 million in liquidated positions. More than 90% of these liquidations were longs, accounting for the majority of this significant loss.
This dramatic fall has led to an unprecedented surge in trading volumes as investors seek to reposition their portfolios.
Source: cryptopotato.com
