Bitcoin liquidations surge to over $300 million as BTC dumped below $55K with the rest of the market turning red as well so let’s read more in our latest bitcoin news today.
Bitcoin plummeted by a few thousand dollars in a few hours to a six-week low of less than $55,000 and most of the crypto market experienced an ever harsher crash which is why the Bitcoin liquidations surged to $300 million. It was a day ago when the main cryptocurrency surpassed $59,000 for the first time in a few days and hit $60,000 but as with the other attempts, it failed to challenge the coveted level. Just the opposite, BTC retraced to $58,000 where It remained sitting but as the reports emerged about a new variant of the COVID-19 virus, the price of the asset started falling down.
Crypto total market cap at $2,6 trillion in the daily chart Source TradingView
In an hour, BTC lost more than $3000 of value and dropped below $55,000 for the first time since October. The entire situation on the market is similar and maybe even worse as ETH got down to $4100 which marked a 5% daily drop. Polkadot, DOGE, Solana, CRO, Litecoin, Avalanche, and Ripple all lost about 10-15% of their value in the past day. The volatility as expected caused pain for leveraged traders and the on-chain data showed that the liquidations surged to more than $300 million in an hour and more than $600 million on a daily scale. The biggest single liquidation order happened on byBit and was worth $12 million which also involved ETH.
BTC 24-hour Price Chart (Source: Coingecko)
As recently reported, Bitcoin’s volatility continued over the past day but the asset calmed below $57,000 with most altcoins being in the green. However, the CRO token soars 25% marking a new all-time high after a double-digit price surge. It’s safe to assume that the native cryptocurrency was among the best performers in the industry and propelled by the partnerships and strategic developments, CRO surged from $0.2 to a new high of $0.94 in less than a month. Over the past day alone, CRO increased by 25% and it is now the 12th biggest cryptocurrency with a market cap of $24 billion. The crypto market cap is up around $50 billion on one day and now stands above $2.7 trillion on CoinGecko. The bears returned on Monday and pushed bitcoin south again but this time to $57,000. The bulls intercepted the move and then led the asset to over $59,000 but the spike was short-lived.