After several days of trading sideways, bitcoin finally made a move but not a positive one for the bulls.
The cryptocurrency slumped below $29,000 to chart its lowest price tag in a month and a half, leaving almost $100 million in liquidations.
- As CryptoPotato reported yesterday, bitcoin, and for that matter the rest of the market, had remained calm for several consecutive days, something rather untypical for the volatile crypto space.
- The primary cryptocurrency stood in a tight range between $29,000 and $29,500, and the former served as its resistance line.
- However, the landscape changed during the early Asian trading session on Tuesday. Bitcoin slumped by almost a grand from well above $29,000 to $28,750 (on Bitstamp). This became its lowest price tag since June 21.
- Despite recovering a few hundred dollars since then, BTC is still well in the red now. Likewise, most altcoins have also suffered.
- Dogecoin, Solana, Litecoin, Bitcoin Cash, Avalanche, Polygon, and Stellar have all declined by somewhere between 3-5% in a day.
- Somewhat expectedly, this volatility has harmed over-leveraged traders, especially those with long positions.
- Data from CoinGlass shows that the total value of liquidations for the past 24 hours has risen to just shy of $100 million. Naturally, long positions are responsible for the lion’s share (85%) of that amount.
- In total, more than 35,000 traders have been liquidated, and the single largest order took place on Bybit and was worth over $1 million.