$250,000,000 in Bitcoin and Crypto Liquidated as Markets Abruptly Reverse
A sudden plunge in the price of Bitcoin has triggered a deluge of liquidations across the crypto markets.
According to data from CoinGlass, $250 million in crypto assets were liquidated as BTC teleported from $23,443 to $22,259 in a matter of minutes.
Traders long on Bitcoin and Ethereum were hit the hardest, with $76 million and $40 million in liquidations, respectively.
A specific catalyst for the crash has not been identified at time of publishing, although crypto markets continue to face macro headwinds.
Investors are also analyzing the potential impact from a mass exodus of clients at the crypto-friendly bank Silvergate, which recently announced it will have to conduct a new audit to assess its longevity.
The pseudonymous trader and analyst Credible Crypto says BTC has hit low time frame support at $22,243 and needs to hold the line to avoid a further move to the downside.
“There is our drop to low time frame support as expected. Now bulls have to make a stand here.
If they fail to, then my downside target will be met sooner rather than later… I will also add that until/unless we break the lows at $21,373 I lean bullish (green path).”
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Author: Daily Hodl Staff
