$3.4 billion in crypto long positions have been liquidated in the past 12 hours as Bitcoin’s price plunges to $38,000 data from bybt.com shows. The crypto market is a sea of red with all the top ten currencies dipping double figures.
Bitcoin’s price is yet to fully recover from the Tesla bombshell and has continued to trend downwards in recent days. However a major steep plunge occurred in the early hours of today culminating in the coin dipping below $37k at 12:30 UTC.
Altcoins turn red
At the time of writing about $1.1 billion, long positions have been liquidated in the past hour. Leading altcoins Ethereum and Binance Coin (BNB) have not been left behind with both tokens down 26% and 27% respectively. The market dump has been steep and the entire market is engulfed in the dip.
About 20% has been shaved off the total market cap which now stands at $1.7 trillion. There is no concrete explanation for the dump but this could be part of the long-awaited bearish period.
As expected Bitcoin and crypto are trending on Twitter with many traders counting their losses from the steep decline. It will be interesting to see how the market performs in the coming hours.