Over $400M in Liquidations as BTC Slumps to 13-Day Lows, SHIB and DOGE Plummet by 13%
The crypto market has turned red again, with multiple double-digit losers.
Bitcoin’s price has been on the decline for the past several days and the landscape worsened earlier this morning when the asset fell to a 13-day low of under $64,500.
The altcoins are in even worse shape, and the total liquidations have skyrocketed to more than $400 million on a daily scale.
As the chart above shows, the last time Bitcoin had such a price tag was after it broke the 2021 ATH of $69,000 and dumped hard by about ten grand in hours. In the next week or so, the cryptocurrency went on a roll , shot above $70,000, and reached a fresh peak of nearly $74,000 last Thursday (March 14).
Since then, though, the asset has failed to continue or keep its momentum going. It dumped by more than $8,000 on Friday and failed at overcoming $70,000 during the weekend.
The start of the current business week saw another decline on Monday, followed by an unsuccessful recovery attempt. The last 24 hours brought even more pain as BTC dumped to $64,400 for the first time since March 6.
The alternative coins have suffered as well, with ETH dropping to under $3,400. SOL , which surpassed BNB as the fourth-largest cryptocurrency yesterday, is down by 9% and sits at $185. BNB itself has shed 8% of its value and trades below $530.
The two largest meme coins – DOGE and SHIB – have both dropped by 13% in a day to $0.13 and $0.000025, respectively.
This has resulted in a lot of pain for over 175,000 traders, which have been liquidated in the past day. The total value of wrecked positions is well over $400 million, with longs responsible for the lion’s share.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
U.S. chip stocks drop for eight consecutive sessions! $2 trillion wiped out in market value, marking the longest losing streak since 2008
This week, the investment prospects of AI were questioned by the market. The Philadelphia Semiconductor Index fell by 11.4%, and the Nasdaq dropped more than 4% in a single week. CoreWeave's stock price fell over 25% during the week, and its bonds dropped to distressed levels, casting doubt on the high-yield debt financing model. Strategists warned that being overly bearish could lead to missing opportunities, while "Wood Sister" bucked the trend and increased her holdings of CoreWeave.
In August, overseas funds returned to the U.S. Treasury market; UK holdings surpassed $1 trillion for the first time; Japan and China continued to reduce holdings, with China’s U.S. Treasury holdings hitting the lowest level since 2008
According to a report by the U.S. Treasury Department, overseas investors made net purchases of $108.9 billion in U.S. Treasury bonds in August, reversing a two-month decline in holdings. Among the top ten countries and regions holding U.S. debt, only China and Japan reduced their holdings in August. Japan, the largest holder, saw its holdings drop for the fourth consecutive month, reaching a 22-month low in the same month it intervened in the foreign exchange market. China’s holdings declined for the third straight month, hitting new lows for two consecutive months not seen since 2008. The UK, the second-largest holder, posted historic highs for two consecutive months. Canada recorded the largest increase in August, up $38.3 billion, ranking fifth overall. Belgium had the second-largest increase, up $19.8 billion.
Strategy surpasses JPMorgan in trading volume as MSTR neared 49M shares in August
Crypto prices
More
