Bitcoin Plunges Below $36,000 With $680M Liquidated In 12 Hours

Bitcoin plunges below $36,000 with $680 million being liquidated in 12 hours with the rest of the market continuously dumping so let’s read further in our latest bitcoin news.

The recent market correction doesn’t seem to be a one-time thing since the entire crypto space was covered in red once again. The over-leveraged traders continue to get liquidated with about $700 million in the past few hours. The reports show that the market crash led bitcoin to drop by $5000 in one day to a six-month low at $38,000. the altcoins fared even worse with ETH losing the coveted $3000 price point.

Bitcoin plunges below $36,000 and the volatility caused about $700 million worth of liquidations on a 24-hour scale. While the bulls expected some sort of a shorter recovery, the landscape only became worse. Bitcoin sat at $38,000 for a while before another dump drove it to its lowest point since the end of July where it set at $35,000. As with yesterday, the situation with the altcoin is not doing any better either. Double-digit price drops are evident almost everywhere. Ethereum got down by 12% to $2500 while Binance Coin dropped by 16%, Solana dropped by 17%. Terra is among the worst performers with a 25% drop below $60 and Shiba Inu dropped in a similar range.

As a result, the liquidations are on the rise again and the data shows that more than $680 million were liquidated in the past 12 hours and the number got closer to $1 billion. In total, 270,000 traders were liquidated in the timeframe with the largest single order that happened on Bitmex and was more than $9 million.

As recently reported, As the bulls were trying for another increase, the bears came to play and charged the landscape dramatically. BTC started losing value dramatically and dumped to $40,000 but the worst was yet to come. In the next few hours, BTC lost a coveted resistance lien and kept on dropping but this time it dropped to $38,250 which became the lowest price point since August 5^th, 2021. The enhanced volatility caused pain for most traders with the liquidations rising above $700 million in one day. The asset recovered some ground and now stands near to $39,000. However, the market capitalization suffered quite a bit and is sitting below $750 billion with the rest of the altcoins being in the red.