Bitcoin Tumbles Below $48K After $300M Liquidated in a Day: Market Watch

Bitcoin lost more than $4,000 in the past 48 hours after a dump below $48,000. The alternative coins are also in the red again, with Ethereum trading beneath $3,800 and Solana nosediving by more than 7%.

Bitcoin’s Two-Day Price Slide

It was just a couple of days ago when the landscape around the primary cryptocurrency seemed significantly more bullish. The asset had broken above $50,000 after several unsuccessful attempts and went on to chart a three-week high of $52,000.

This is where the situation changed vigorously as the bears stepped up. Instead of going further north, bitcoin started to lose value rapidly, resulting in a price slide to $49,000, as reported yesterday.

After this $3,000 daily drop, BTC only continued heading south. In the past 24 hours, BTC found itself dipping to $47,200, which is the lowest price point since December 21st.

As of now, the asset stands just over that level and is nearly 4% down on the day. Somewhat expectedly, this enhanced volatility has resulted in massive pain for over-leveraged traders as the liquidations exceeded $300 million since yesterday.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Alts in Red Again

The alternative coins suffered yesterday, and the situation today appears even more gloomy. Ethereum slipped below $4,000, but another 3.5% decline in a day has driven the second-largest digital asset to beneath $3,800. Binance Coin is down by 3% and stands at $535.

Solana has lost the most value on a daily scale (-8%). Consequently, SOL now trades at $175. More losses come from Cardano, Ripple, Terra, Polkadot, Avalanche, Dogecoin, and Shiba Inu from the larger-cap altcoins.

The lower- and mid-cap alts are in an even worse shape. ICON leads this adverse trend with a 16% decline to $1.53. Aave (-14%), Stacks (-10%), Cosmos (-10%), Kadena (-10%), Tezos (-8%), and many others, follow.

The cryptocurrency market capitalization is down by $200 billion in two days and is now at $2.240 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...