400 Million USD in Bitcoin Liquidated in the Last 24 Hours
Over-leveraged investors are suffering significant losses, with liquidations exceeding $400 million on a 24-hour basis due to the cryptocurrency market’s most recent enhanced volatility. This follows a fall of roughly $3,000 in BTC during the day. In addition, crypto market capitalization has dropped by over $140 billion since yesterday’s high.
$400 million Bitcoin evaporates from the market cap
It’s clear that the cryptocurrency market isn’t in its best shape. In less than a week, roughly $400 billion has been evaporated from the total market cap. Since yesterday, Bitcoin’s position has deteriorated even more, with the words “crypto winter” and “bear market” still prevalent in the community.
The continuing conflict between Russia and Ukraine has damaged the financial markets in the cryptocurrency sector. The most recent information from that direction stated that after recognizing the creation of two rebel-held regions in eastern Ukraine as independent states, Russia had deployed troops into those territories.
The US and the EU have continued to threaten President Putin and his government with harsh penalties; however, they appear to have little effect thus far.
A significant price pump drove the asset to a fresh all-time high of $40,000. Bitcoin temporarily recovered yesterday, falling by $2,000 before being halted at around $39,500. It plummeted again to around $37,500 before the bears drove it to a new three-week low of under $36,000 – becoming the new lowest price point since February 3rd.
This enhanced volatility, as predicted, has resulted in a substantial increase in liquidations and the number of liquidated traders. According to Coinglass data, over 120,000 liquidated traders have been liquidating worth approximately $400 million since yesterday. The biggest order on OKEx was worth just shy of $4 million.
Altcoins and stocks bleed out
The altcoins have crashed even more. Ripple, Cardano, Avalanche, Dogecoin, Solana, Shiba Inu, MATIC, CRO, and many other cryptocurrencies have seen double-digit price drops. The overall market is in turmoil after a prolonged bear market, and the altcoins are no exception. Ethereum has dropped to a new monthly low of about $2,500, following a more substantial 7% decline. The second-largest cryptocurrency was recently valued at over $3,200.
While Binance Coin has seen a comparable decrease, it currently sells for $360. Ripple (-13%), Cardano (-14%), Solana (-12.5%), Polkadot (-8.5%), Avalanche (-14.5%), Dogecoin (-9%), Shiba Inu (-11 ), and many other coins have had even bigger losses.
The situation with the lower- and mid-tier altcoins is comparable. As a result, the entire cryptocurrency market value has dropped by $140 billion in the last seven days and $400 billion of Bitcoin in under a week.
The S&P 500 futures dropped 1.5 percent on Monday, and the Nasdaq futures fell 2.2 percent. Additionally, in Tuesday morning’s trading, the Russian rouble briefly touched an 18-month low against the US dollar.
On Monday, the Russian blue-chip stock market plummeted, with the Moscow Exchange (MOEX) equities index declining 10.5 percent amid concerns of a large-scale military invasion of Ukraine.
The political-driven decline extended on Tuesday morning following Putin’s statement on recognizing the ‘DNR’ and ‘LNR.’ According to economic reports; this is the biggest drop in Russian equities since 2008.
