$150M in Liquidations as Bitcoin Plunges to Monthly Lows
• Bitcoin (BTC) dipped to $29,000 for the first time since June 21.
• The value of liquidated positions has increased to almost $150 million on a daily scale.
• Most large-cap altcoins have suffered just as badly, if not worse, than BTC.
Dip in Bitcoin Prices
Bitcoin (BTC) recently dropped below the $30,000 mark and went all the way down to $29,000 – its lowest price point since June 21. This downward movement resulted in an increase in liquidated positions worth almost $150 million on a daily scale.
The market’s instability has affected other cryptocurrencies as well with most large-cap altcoins suffering from losses just as severe as those seen by BTC. Examples include XRP which lost almost 7% of its value and LINK, XLM, ICP and TONCOIN which saw similar drops. Dogecoin is the only cryptocurrency that was seen to be in the green today due to developments at Twitter.
This volatility has also caused harm to over-leveraged traders with more than 50,000 liquidations taking place so far. With such large numbers of traders being affected by this market crash it is no surprise that the total value of wrecked positions is close to $150 million dollars.
Prior to this dip in prices bitcoin was riding high due to Ripple’s partial victory against the SEC and had soared up to new multi-year peak prices before slipping back down into tight ranges between $30,000 and 30500 again during this past weekend when bears pushed it further south eventually leading it all the way down to 29k.
To sum up, Bitcoin’s dip below the round-numbered milestone of $30K led to massive liquidations resulting in losses worth nearly 150 million dollars on a daily scale for over 50 thousand traders out there who were over leveraged in their trades while most large cap altcoins have suffered equally bad losses if not more during this period with Dogecoin being one of few exceptions rising above other cryptos due its developments at Twitter .