Sunday, May 28

$100 Million Liquidated in 1 Hour: Bitcoin Plummeted Below $33K

The price of the primary cryptocurrency dumped again, this time from around $35,000 to below $33,000. Dropping to its new six-month low caused a lot more pain for over-leveraged traders.

  • CryptoPotato reported earlier today that bitcoin was fighting to stay above $35,000 after yesterday’s inability to jump over $36,000.
  • However, the asset quickly lost that battle and, in the following hours, plummeted by more than $2,000 to its lowest price level since late July at just under $33,000. Minutes later, BTC bounced off to nearly $34,000.
  • The situation with the alts is similar, if not worse. Ethereum is down to $2,250, after exceeding $2,500 yesterday, while Binance Coin, Solana, Cardano, Polkadot, Avalanche, Shiba Inu, and many others, have dumped by double-digit percentages.
  • Somewhat expectedly, this enhanced volatility in a short period of time has caused pain for over-leveraged traders.
  • Coinglass data shows that the liquidations jumped to over $100 million in the past hour since BTC’s latest dump began. On a 4-hour scale, the liquidations are worth nearly $200 million.
  • More than 100,000 traders have been wrecked in the past day, with the single largest liquidation order happening on Bitmex worth $6 million.
BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
  • It’s worth noting that bitcoin traded above $43,000 on Thursday. This means that the asset has lost over $10,000 of its value (23%) in four days.

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