$3.5B Liquidated In 24 Hours As Crypto Blood Bath Continues

What Happened: Crypto markets entered a downward spiral on Tuesday as Bitcoin BTC/USD and Ethereum ETH/USD lost as much as 11% in a matter of hours.

Leading altcoins like Dogecoin DOGE/USD, Cardano ADA/USD, Polkadot DOT/USD, and Uniswap UNI/USD recorded a 20% drop in value over the past 24 hours.

Meanwhile, liquidation data from Bybt revealed at least 374,500 traders were liquidated for an amount exceeding $3.5 billion.

The single largest liquidation occurred on Seychelles-based crypto exchange Huobi. According to Bybt, a single liquidation order for Bitcoin was valued at $47.3 million, which would have undoubtedly contributed to the overall downward sell pressure.

To make matters worse, some panicked sellers were unable to execute sell orders across a number of crypto exchanges.

See Also: Coinbase CEO Laments SEC's 'Sketchy' Behavior As Regulator Threatens To Sue Over Crypto Lending Product

Order entry and latent market data reportedly plagued U.S.-based crypto exchanges such as Coinbase Global Inc COIN, Kraken, FTX US, and Binance US.

“We’re aware transactions are currently delayed or cancelled at elevated rates and our apps may be experiencing errors. Our team is investigating the issue and we’ll update here as soon as we know more,” stated Coinbase Support.

Coinbase later confirmed the outage was caused by a “sudden increase in network traffic and market activity” and said that service issues have now been resolved.

Price Action: At the time of writing, most cryptocurrencies were still trading in the red.

Bitcoin was trading at $46,100, recovering marginally from a daily low of $43,200. Ethereum was trading at $3,300 and Dogecoin was trading at $0.24.