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Bitcoin (BTC) Briefly Tanks to $80K, Leaving Over $600 Million in Liquidations
Over the weekend, it seemed as though the cryptocurrency market had finally found a sense of stability, with Bitcoin’s (BTC) price stabilizing around $86,000. However, this fleeting calm was shattered by bears reasserting their dominance and sending the asset’s valuation plummeting to as low as $80,000.
Unfortunately, the recent downturn has had devastating consequences for over 220,000 leveraged traders who have been forced to exit their positions en masse. According to data from CoinGlass, a staggering $620 million in liquidations have occurred within the last 24 hours. This figure is comprised of approximately $240 million in BTC trades, with Ethereum (ETH) and Ripple (XRP) accounting for roughly $108 million and $30 million, respectively.
Notably, the largest single liquidation order was executed on Binance, involving a massive trade involving the BTC/USDT pair that cost the affected trader a whopping $32.09 million.
Despite briefly recovering from its local low point to currently sit at around $82,500, Bitcoin’s (BTC) overall performance remains deeply entrenched in negative territory on both a weekly and monthly scale.
Source: https://cryptopotato.com/bitcoin-btc-briefly-tanks-to-80k-leaving-over-600-million-in-liquidations/
