Bitcoin (BTC) Suddenly Plummets to $57K, Leaving $350 Million in Liquidated Positions
The weekend crash continues with full force as bitcoin dumped to just over $57,000 minutes ago, while the altcoins bleed out even worse.
Naturally, the liquidated positions and traders have skyrocketed to $350 million and 112,000, respectively.
After the positive start of the previous business week, when BTC shot up to $70,000, the landscape quickly took a turn for the worse in the following days. The biggest pain levels, though, were left for Friday, Saturday, and now Sunday.
It all started on Friday after the weak US jobs report, which showcased high levels of unemployment in the States. Wall Street crashed and so did the crypto market. Bitcoin, for instance, fell from $66,000 to $62,200.
Saturday saw another leg down in which BTC slipped to just under $60,000 for the first time in three weeks.
The downfall continued on Sunday, as reported earlier. However, BTC had recovered some ground and stood close to $62,000 in the afternoon.
Yet, the bears’ dominance resumed in the past few hours. They propelled another massive leg down that drove BTC south to $57,200 (on Bitstamp). This is the lowest price point for bitcoin in just over three weeks.
You can check some of the possible reasons behind these declines here. Also, you can see how low BTC can go during this retracement, according to Perplexity.
The altcoins have it even worse. ETH has plummeted to $2,700, BNB is down below $500, SOL has slumped to $135, and so on.
The total value of liquidated positions on a daily scale is up to $350 million, according to CoinGlass. At the same time, more than 112,000 traders have been wrecked. The single largest liquidated position was worth whooping $27 million and took place on Huobi.
