$400 Million in Liquidations as Bitcoin Dumped to 10-Day Lows

The number of liquidated traders shot up above 100,000 and the total wrecked amount is above $400 million as bitcoin dumped to its lowest price position since March 25. Most altcoins are currently in an even worse shape.

  • The crypto market performed well in late March when BTC surged to above $48,000 and marked a three-month high. The altcoins followed suit with many of them, such as ETH, registering similar three-month peaks.
  • Yet, April started a bit more sluggish and bitcoin started losing value. It recovered most losses at first but earlier today dumped to just over $44,000.
  • Now, though, the asset slumped even further south to $43,800 (on Bitstamp), which became its lowest price level since March 25.
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
  • As it typically happens, the alternative coins mimicked the ride south, and most even registered even more substantial price losses.
  • Ethereum is down to $3,200, Binance Coin struggles at $425, while Solana, Polkadot, Avalanche, MATIC, ATOM, and LINK have lost around 10% on a daily scale.
  • Somewhat expectedly, this enhanced volatility has caused a large number of liquidations, according to data from Coinglass.
  • The resource shows that the total liquidations have surged to over $400 million on a 24-hour scale and the number of wrecked users is nearly 135,000.
  • The single largest liquidations order transpired on Okex and was worth almost $5 million.

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