Bitcoin, the largest cryptocurrency, dumps again, this time from around $35,000 to $33,000. The drop to new six-month lows is causing even more pain for over-leveraged traders.
This morning, bitcoin struggled to stay above $35,000 after failing to break above $36,000 yesterday.
However, the asset quickly lost the fight and at the time of writing, the price has fallen more than $2,000 to its lowest level since late July at $33,044. Minutes later, BTC surged to nearly $34,000. Thus, Bitcoin has lost 22.3% over the past seven days.
The situation with alts is similar if not worse.
The second-largest cryptocurrency, Ethereum, is down 11.26% in the past 24 hours and 34% in seven days. A major blow has been dealt to the altcoin market as the majority of crypto assets, particularly in the top 100, are currently trading in the red, with most in double digit losses.
In the past 24 hours, Solana is down 17.49%, NEAR is down nearly 16.5%, and Enjin coin and Curve DAO token are both down significantly, according to CoinMarketCap.
On a weekly basis, Solana (-40.38%), Polygon (-42.05%), Chainlink (-42.69%), Near Protocol (-48.06%) and Harmony (-47.10%) have theirs previous value almost halved.
This increased volatility in a short space of time has been painful for traders using excessive leverage.
Coinglass data shows that liquidations have surged to nearly $200 million in the past 4 hours since BTC’s recent sell-off began.
Source: coin jar
Over 100,000 traders have been devastated over the past day, with the largest single liquidation taking place on Bitmex worth $6 million.
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According to Cryptopotato