BTC Tumbled Down To $48K After $300M Liquidation In One Day

BTC tumbled down to $48K after a daily $300 million liquidation in one day while most other altcoins produced even more losses on the day so let’s read more in our latest Bitcoin news.

The crypto market is in the deep red once again as BTC tumbled down to $47,200 while most other altcoins produced more losses. Bitcoin lost more than $4000 in the past 48 hours after dumping below $48,000 with the alternative coins being also in the red again and Ethereum trades below $3800 and Solana dropping by 7%. it was only a few days ago when the entire landscape around the main cryptocurrency seemed much more bullish. The asset had broken above the $50,000 level after a few unsuccessful attempts and even went on to chart a new high of $52,000.

This is where the situation changed dramatically as the bears started stepping up and instead of going further north, BTC started losing value fast which resulted in a price drop to $49,000 as the charts show today. After this $3000 daily drop, BTC continued heading south and in the past 24-hours, BTC found itself dropping to $47,2000 which is the lowest price point since December 21^st. The asset stands a little over this level and it is nearly 4% down the day and this eventually enhanced the volatility which resulted in a huge pain for the lover-leveraged traders as the liquidations surpassed $300 million a day ago.

The alternative coins suffered a day ago and the situation seems even worse today. Ethereum slipped below $4000 but another 3.5% drop in one day drove the second-biggest digital asset to below $3800. Binance Coin on the other hand is also down by 3% and now stands at $535.  Solana lost the most value in one day which is about 8% and now SOL trades at $175 with more losses being evident from Ripple, Cardano, Terra, Polkadot, Avalanche, DOGE, and SHIB. The lower and mid-cap altcoins are in the worse shape. ICON leads the adverse trend with a 16% drop to $1.53 and Aave dropped by 14%, Stacks dropped by 10% and Cosmos dropped by 10%. the crypto market cap is down by $200 billion in two days while not it sits at $2.240 trillion.