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$1.2 Billion Liquidated As Bitcoin Sees 15% Price Collapse In 24 Hours

Summary:
Bitcoin chopped downwards today towards K, looking to retest local lows made earlier in the week just around the K mark, according to Bitstamp. According to data from Bybt, over the past 12 hours the crypto markets saw liquidations of over .2 Billion in trader positions. As of writing these lines, BTC price is decreasing 15% over the past 24 hours, whereas major altcoins were hit even harder, with ETH down 21% to a current daily low of 30, XRP down 24% to %excerpt%.65 – daily low, and LTC down 28% to a daily low of 0, in the same timeframe. BTC/USD over the past year. Chart by TradingView So far today, the total cryptocurrency market capitalization dropped from .6 Trillion to .23T – a staggering loss of over 0 Billion in total value. Traders across CT flip

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Bitcoin chopped downwards today towards $31K, looking to retest local lows made earlier in the week just around the $30K mark, according to Bitstamp.

According to data from Bybt, over the past 12 hours the crypto markets saw liquidations of over $1.2 Billion in trader positions. As of writing these lines, BTC price is decreasing 15% over the past 24 hours, whereas major altcoins were hit even harder, with ETH down 21% to a current daily low of $1730, XRP down 24% to $0.65 – daily low, and LTC down 28% to a daily low of $120, in the same timeframe.

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BTC/USD over the past year. Chart by TradingView

So far today, the total cryptocurrency market capitalization dropped from $1.6 Trillion to $1.23T – a staggering loss of over $400 Billion in total value.

  • Traders across CT flip bearish as sentiment takes a plunge. The cryptocurrency fear & greed index reaches new lows as people panic sell, aiding the market’s overall downwards trajectory. #cryptocurrency becomes one of the top trending tags on Twitter in several countries.
  • BTC stands notably stronger as alts take a severe hammering. Small-cap altcoins took a worse beating: several are down over 90% today, which makes the large-cap alts’ 30% daily loss seem benign.
  • News about China’s potential Bitcoin ban and its implications has gripped the Internet, as speculation about miners selling off their BTC stash flies rampant.
  • These turbulent times have caused even ‘safe’ assets to be doubted in the cryptocurrency ecosystem: USDT, a Terra-backed stablecoin, broke its peg, temporarily diving down to $0.95.
  • As Bitcoin dives to retest the $30K mark, there has been a noticeable increase in net long positions on futures exchanges, primarily BitMEX and Binance.

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