Over $1B Liquidated In Crypto Markets As Bitcoin Briefly Drops Below $30,000

More than $1 billion was liquidated from crypto markets as Bitcoin BTC/USD lost support at $30,000.

What Happened: According to data from Benzinga Pro, Bitcoin fell 8% on Monday to $29,944 – the lowest since July 2021.

Data from Coinglass shows that over 280,000 crypto traders were liquidated over the last 24 hours with total liquidations exceeding $1.1 billion.

There were $361 million Bitcoin liquidations, $355 million Ethereum ETH/USD liquidations, and $72 million Terra LUNA/USD liquidations.

 Meme-based cryptocurrency Dogecoin DOGE/USD saw $15.11 million liquidated. Popular altcoins like XRP XRP/USD, Solana SOL/USD, and ApeCoin APE/USD also saw liquidations on a similar scale.

Unsurprisingly, the majority of liquidations were faced by traders in long positions with data showing that $787 million longs were liquidated over the last 24 hours.

The single largest liquidation order took place on cryptocurrency exchange BitMEX on a Bitcoin/U.S. dollar trading pair. The trader in question lost $6.3 million.

Industry watchers concluded that Bitcoin is vulnerable at these levels despite strong long-term fundamentals.

See Also: BEST CRYPTOCURRENCIES

Price Action: At press time, Bitcoin was trading at $31,151, Ethereum was trading at $2,337 and Dogecoin was trading at $0.10.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: CryptocurrencyNewsShort IdeasMarketsTrading IdeasBitcoinEthereumLunaTerra
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!